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FORECLOSURE
An Uphill Real Estate Adventure
Buying a foreclosure is a different
way of doing real estate . Several
factors set foreclosures apart from
traditional sales transactions. In
a foreclosure, the seller has no emotional
attachment to the property. For the
bank seller. it is strictly a business
decision.
Bank seller will have many additional
forms and requirements than in a traditional
sale. In most cases agents and buyers
will be dealing with an asset manager
who rarely has any authority to make
a decision and buyer will have to
wait to get answers from someone or
a committee . bank sellers traditionally
take a much longer time to respond
to an offer. If there are several
offers, time will be even longer for
evaluation of each one. Buyer is required
to take the property in as is condition.
Banks do not pay for inspections,
replacements, repairs, haul and dump,
and landscaping .
It takes a special kind of buyer
to purchase a bank owned property.
Is foreclosure for you? If you are
prepared to tackle the project, make
certain than the lender will fund
on the project and that cash is available
for repairs and unforeseen surprises
such as bats in the attic. If you
are investor, i will be easier walking
away than will a primary residence
buyer who is emotionally invested
in the outcome.
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