Six Sure Ways to Land Excellent Deals on Foreclosed Properties Foreclosures most of the time results in a families losing their treasured homes. 9.7% of all mortgages were not being serviced according to the loan agreements at end of the 1st quarter of 2017. When lenders can’t sell their foreclosed properties at auctions,they turn over the homes to REO specialists who work closely with local realtors to sell the homes. People who buy bank owned fo sale help both the lender and the defaulting home owner solve their problems. REO properties can typically be purchased at wonderful discounted prices if you know what you are doing. Who knows,you might even make a tidy profit by selling such a property immediately after you close on the deal. The tips suggested here will help you as you look for good deals on REO properties. Choose the right broker,of course. If you don’t have your own trusted realtor,you can rely on good referrals in your social or professional networks or you may get a reliable one online on trustworthy websites. Get the historical facts that relate to the property. Ensure your bid does not exceed the price the bank is asking for,in view of the mortgage balance,regardless of how others are bidding.
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Find out the estimated value of the home you want to buy. A good real estate broker should be able to generate a CMA report free of charge. The report from your broker will greatly help you figure out if the current price for the home is a highly discounted one when compared to the average market prices for properties matching the one you want in size and location in the same area.
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Ask you realtor to tell you about the number of offers they have received for the REO property so far. If there are no offers,a lower offer than the list price may a sensible idea. Make sure your offer is above the highest offer by a certain amount. If you are competing against investors with capacity to pay in cash while you need to be financed,consider offering a higher price than the highest offered. Make a step to get preapproved for mortgage by the bank that owns the property. Offer to split escrow and transfer fees with the REO lender,offer to inspect the property in a very short time compared to what others are proposing and do not ask the bank to do repairs on the asset. The right information and tricks on buying foreclosed or short sale properties will save you both valuable time and money. Seasoned real estate investors create good rapport with their realtors and are usually the first ones to be notified of any hot deals.

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