73 comments | Sunday, February 14, 2010
I work with several different Banks in helping them market their foreclosed properties and people always ask me, “What bank is selling this property” I tell them and then ask them why they wanted to know. Nine times out of ten they tell me they want to contact the bank so they can negotiate an offer. The banks selling the foreclosed properties don’t work that way.
FACT
Banks hire Realtors to list and sell their Foreclosed properties
The banks hire local realtors to manage the properties for them, list them for sale and sell the properties. The listing agent helps the bank will all sorts of things such as getting any remaining personal property removed, paying for and making sure that all the utilities are on, paying for and coordinating any repairs or maintenance the property may need, showing the property, writing up offers and selling the property for them. The banks typically have several hundred thousand foreclosure properties through out the United States. Can you just image a bank President in Texas trying to manage any of those items from Texas for properties in all the different states? I would think he would have other more pressing matters than talking to contractors, gardeners and people wanting to see the house. Can you imagine the questions? Is the house on 123 Main Street still available? Is it close to shopping? I’m sure the bank president in Texas would have no idea, nor should he. That is not his job. It is the job of the local Realtor to help buyers with local information and help them see the homes.
FACT
Foreclosures are such great deals the banks are grateful for any offer. NOT!
Banks know what the market is because the local realtor that has the property listed for sale tells them. The bank also has the home appraised before it is even put on the market. Typically the bank list the house about 10 to 20 percent under what market value is because they want the home sold as soon as possible. That does not mean that they are going to give it away and sell it for 50% less. I think sometimes buyers go to these weekend seminars and come away with some really interesting thoughts or they just think the banks are desperate. Every once in a while a buyer will get a screaming deal on a foreclosed home, but it will be a home that has been on the market a very long time or the area and or condition is not that good. Otherwise, it will not happen.
FACT
All types of homes are foreclosed homes
I have seen some homes that you have to hold your nose when you go into them so as not to breathe as it smells so bad and I have seen homes that are just pristine. There are all types of homes that are foreclosed properties. Some don’t even need any repairs at all and others have the whole kitchen missing. It just depends.
FACT
You get title insurance and good title
The title and escrow process is pretty much the same as when you buy a regular home. You get clear title. I have never heard of anyone buying a foreclosed home having an issue with title.
FACT
You need an experienced Realtor to help you with a foreclosure purchase
Yes, foreclosure purchases have a few different nuances about them and you should have a Realtor that is experienced in foreclosure properties assist you as you should when you purchase any other home. Each bank is different, so each transaction may be a little different in what the Bank will and will not do or pay for. Look to your Realtor for advise on these issues.
Don’t be afraid. You can buy a foreclosed home today and close escrow in 30 days. Just remember, typically, the foreclosed home you buy is “As Is” and the seller will not fixed anything. They are still great deals!
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Peter Quinn
The author has a valid point but I still think there is a TON of money to be made right now. One of the most profitable areas of real estate investing is foreclosures. Foreclosures result when people can’t afford to make the payments on their house and end up losing it. If you’ve been watching the news, you know that the number of foreclosures is growing nationwide. What does that mean for you? A huge opportunity to make some serious profit. The key is knowing what you’re doing. It is not for the faint of heart. Thanks and GOOD LUCK!
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I’m very hesitant about purchasing a foreclosed house. On one hand it seems like a great deal, but on the other hand, I feel hesitant – like I probably ought to wait for a year to see how the market pans out. I am seeking some expert opinions on the topic
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Это очень ценная штука…
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Верно! Идет!…
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