This real estate market offers great opportunities for buyers. Prices have fallen dramatically, mortgage interest is favorable, and there are plenty of homes to choose from. Many homes are “short sales” and many others are bank owned foreclosures. Foreclosures offer the best possibilities for buyers. Only about 10% of short sales wind up selling before they become foreclosed by the bank. Here are some pointers:
Buyers need to be pre-approved
Many banks want the buyer to finance through them
Expect competition and multiple offers
Banks won’t accept offers contingent on the sale of your home
Best deals are generally the homes that have been on the market the longest
Foreclosures typically sell 10-20% below asking price
Make sure to pay for an inspection
Banks don’t usually make repairs or corrections
Banks will make counter offers
Some banks want offers submitted by a REALTOR®
Generally, banks want to close in 2-6 weeks.
Here’s a video covering the above points: http://www.youtube.com/watch?v=R4SjURUCQDE
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