Those Terrific Deals!

Foreclosures, Short Sales & Bank Owned properties ...

"I've gotta have a screaming deal!"

We hear that occasionally from one of our buyers or investors.  They've been reading about all the owners who are behind in their payments and know all about how desperate they are to sell the property ... or they're convinced they will get a great deal if they find a foreclosure, or otherwise financially distressed property.

Some of that is true ... if you have patience and check out a bunch of these properties you sometimes can truly find a rare bargain.  The only problem is that there are a bunch of buyers with the same mindset and you're all competing for the few really good bargains out there.

In many cases when owners are forced out of their properties they aren't really happy - frequently these properties are stripped of appliances and light fixtures and the interior is otherwise damaged or destroyed.  When considering one of these properties the cost of getting it back into habitable shape has to be analyzed.  The types of loans available for properties in need of repair are limited and in almost all cases the properties are being sold "as is," meaning the Seller has no intention of making any repairs.

In the case of a property in foreclosure, there are time constraints within which a purchase must occur, otherwise the property is sold to the highest bidder on the foreclosure date.

In the case of a bank owned property or if the property requires a short sale agreement from the lender, it may take from several days to months to get the agreements necessary to get the property under contract or to have the short sale approved.

These transactions require patience and after much work and waiting they may not turn into closings.  If this is what you're after, plan on taking some time to achieve your goals - you may have to identify and make offers on several properties before one of the transactions works for you.  We have experience in these troublesome  purchases and can help you unlock the doors to a successful acquisition!