Ann Ryan

Sales Associate

Foreclosure

Can you buy a foreclosure?  Yes, simply put, the banks want to sell these homes.  Once they have title, they will send their representatives to review the property, determine a price, and maybe do repairs and paint.  Then they'll put the property on the open market.  (It is extremely rare a bank will accept an offer on a property that's not been marketed is is simple... they make more money if they sell it through a real estate agent.)

 

Important rule of thumb, generally banks will only accept an offer within 90% of the current price of the home.  So for a property currently marketed at $300,000, the bank will only look at offers of more than $270,000  If you want to make a $260,000 offer, you're simply better off hoping that no one else makes the $270,000 offer, and waiting until they drop the price.

 

A few things you need to know, the properties are generally sold as-is, but occasionally the bank will do a repair in order to allow you to finance the property (termite treatment for a VA loan would be one examine).  They are also sometimes willing to drop the contract price if you find unexpected problems during inspection.  I've successfully closed many of these deals for my clients.  Do you want to be the next winner at the foreclosure game?

 

Send me an email at AnnMoffettRyan@gmail.com or call 786-332-7042 (Tambien Se Habla Espanol) or click here to see a few examples.