Buying a ForeclosureThe market is hot in the foreclosure market. There are multiply offers immediately on the good ones. Often times, it is just luck that gets your offer accepted. Or is it? Realtors that establish good relationships with other Realtors often are the most successful. Why, because Realtors want to work with other professionals that they know will do their end of the transaction. 1st Step for a buyer is to have a Prequaification Letter from their lender. Buyers are finding that the sellers are requiring another prequalification letter, because they don't trust the buyer's lender. With multiply offers the seller's agent wants to make sure the accepted offer ends up closing. Be prepared to do so, if asked, or before submitting the offer. 2nd Step is to make sure your Realtor writes a completely filled out offer and all the supporting documentation. You don't want to lose a house because your Realtor is so disorganzied he/she doesn't submitt the information in a complete form, as required by the seller's agent. Generally the MLS Realtor Remarks tells the selling agent what is required. Even with all the above you can expect the competition to be great. Your offer needs to be full-price or above. The properties are priced to sell. How does the bank arrive at their price? From having the listing agent do a Broker's Price Opinion and a professional appraisal done. What if the property doesn't have appliances. I have a great resource that for $1300 you will get a brand new 18 cubic foot refrigerator, smooth top stove, dishwasher and microwave in black. Call a professional: Sylvia Sprague
480-241-7801
Mailto:Homes@SylviaSprague.com updated 5/5/2009 |