You know that there are many foreclosures on the market, but you may not know or understand some practical rules that could save you money if you are interested in buying one.
I'm going to list just 5 tips you may want to consider:
1. Work with an agent who has access to foreclosure information. Don't assume that all agents have access to foreclosures, because they don't. Ask the agent if they have experience with them.
2. Bank owned properties generally close faster than short sales. That's because banks will prioritize foreclosures over short sales. They have already repossessed the foreclosed home, thus the name "bank owned". They want to liquidate these properties, which brings us to
3. Always offer less than the asking price. The price listed on a foreclosure price is the same as the asking price for most properties for sale...that is the asking price. Don't assume the prices are firm. Most banks will consider a lower offer.
4. Ask the bank to pay your closing costs. Why not? The worst that can happen is that they will say no. Like I said, the banks want to liquidate these properties, so you may find that they are very accommodating.
5. Get pre-approved from the right bank. If you are making an offer on a bank owned house, it would be good if you could be pre-approved by the same bank. During negotiations, this may tip the scales in your favor.
So there you have it. I hope this helps you in your decision. If I can be of further assistance, please contact me, Lisa Longest, at 443-786-4200 or visit me at Exit Gold Realty 1241 Shopping Center Rd, Stevensville, Md. 21666. I am a short sale and foreclosure representative who specializes in Stevensville and surrounding cities.