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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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