Well, we had a wonderful client who recently transferred here from Tallahassee out with us looking for property last weekend. From a client perspective, he was ideal! Vey knowledgeable of the market, extremely savvy and very informed. He also was willing to listen to our advice and was very open to the education we tried to provide him. He is interested in foreclosed properties; as everyone knows, right now those are a dime a dozen and there are lots of fabulous bargains out there waiting to be had. In his case, we found a home appraised at $435,000 listed at $279,900 and we do expect to get it a little lower. What a great deal for our client!
If you are thinking about foreclosures, let us share with you just a a little bit of information that we have learned along the way. Most of the time when you go to the property, the water and or electric are not going to be on so be sure you go while there is plenty of daylight. And if it is cold outside, it is going to be even more so inside so take a coat and gloves! (We have learned this lesson the hard way, so believe us when we say that!) Most of the time the home is going to have some damage...sometimes minor but usually major. For instance, this foreclosure had extensive water damage because the people were mad about not getting the house so they left all the water running. Banks are going to sell the property "as is," as in what you see is what you get. Be sure if you make an offer that it is written in that you have the right to have an inspection performed, at your cost, and the right to get out of the contract if the inspection reveals damage that you feel is to extensive to repair or is beyond repair. Make sure the home inspector you is use is good; ask your agent for a referral (or see our preferred vendor list.) Be there for the last 30 minutes of the inspection so that you and the inspector can look together at any and all problems that were found. You can go back to the bank with an amendment asking them to address certain concerns with the property but they are not obligated to fix anything and probably won't. But you can always ask...who knows? You may get lucky!
Banks are on their own timeline so know in advance that they may not respond as quickly as you want them to. Most try to have a decent turn around time but some sit on the offer a few days; after all, another offer may come in that is better. They are already losing money on the foreclsure so they want to recoup as much as they can. And show them you are serious by making a sound offer. Don't go in extremely low and ask for everything....amke a decent ofer and ask for at least half the closing cost. The more they see you are willing to work with them, the more they will be willing to work with you.
If you are interested in foreclosures, please call us. Our lendor has a great loan program where you can put down only $100, receive $2,500 in money to fix up the property, your credit doesn't have to be perfect and you go up to $225,000 in your housing search. Call or email either myself or Donna and we will be happy to get you started on the purchase of a great foreclosure home!