| Buying a Foreclosed Property |
Buying a foreclosed property is different than the average home resale purchase. If you are
considering buying a foreclosed property make sure that the agent you are working with has
experience in this field. It is not the same as a traditional resale.
Things to watch out for with a Foreclosed Property:
Inspections. The seller/lender will often know nothing about the property. A good
inspection is crucial.
Tax Liens. Don't assume all tax liens have been cleared on the property.
Time Lines. Banks don't always honor your loan time framework. Have a backup plan.
Price. The price is not automatically a bargain - check your comps.
Usually once a bank had foreclosed on the property and it is listed for sale they are ready
willing and able to sell it in a fairly timely manner. Just don't count on any time-lines. You
must remember that there is no emotion, no pressure on the bank to sell the house by a
certain date. The house is just a file on their desk. There is no emotional attachment to the
property.
Banks will negotiate the price and counter offer if your offer too low. Once again you cannot
count on response times so you must take that into consideration when obtaining your loan
to purchase the property.
To receive a list of foreclosed properties currently on the market:
CLICK HERE
If you own a home and can no longer make your payments in a timely manner you must know
what your options are. Ignoring your lenders calls or letters could cost you your home. It is
hard and certainly a little scary but the faster you take steps to learn about your options the
more likely you are to save your home and your credit.
I can help you through the entire process. Together, we will look at all of your options to try
and save your home. Short Sale/foreclosure should always be considered as a last resort.
If you need to sell your home, but you cannot sell it for enough money to pay all the costs and
the loan, there is an option called Short Sale. This is not a foreclosure and it can help you
protect your credit to an extent. Please see the page on this site called Short Sales
considering buying a foreclosed property make sure that the agent you are working with has
experience in this field. It is not the same as a traditional resale.
Things to watch out for with a Foreclosed Property:
Inspections. The seller/lender will often know nothing about the property. A good
inspection is crucial.
Tax Liens. Don't assume all tax liens have been cleared on the property.
Time Lines. Banks don't always honor your loan time framework. Have a backup plan.
Price. The price is not automatically a bargain - check your comps.
Usually once a bank had foreclosed on the property and it is listed for sale they are ready
willing and able to sell it in a fairly timely manner. Just don't count on any time-lines. You
must remember that there is no emotion, no pressure on the bank to sell the house by a
certain date. The house is just a file on their desk. There is no emotional attachment to the
property.
Banks will negotiate the price and counter offer if your offer too low. Once again you cannot
count on response times so you must take that into consideration when obtaining your loan
to purchase the property.
To receive a list of foreclosed properties currently on the market:
CLICK HERE
If you own a home and can no longer make your payments in a timely manner you must know
what your options are. Ignoring your lenders calls or letters could cost you your home. It is
hard and certainly a little scary but the faster you take steps to learn about your options the
more likely you are to save your home and your credit.
I can help you through the entire process. Together, we will look at all of your options to try
and save your home. Short Sale/foreclosure should always be considered as a last resort.
If you need to sell your home, but you cannot sell it for enough money to pay all the costs and
the loan, there is an option called Short Sale. This is not a foreclosure and it can help you
protect your credit to an extent. Please see the page on this site called Short Sales
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| LAURA LAKE |
| 760-464-8138 - Direct 760-601-3099 - Fax Keller Williams Realty 47170 Washington Street La Quinta, CA 92253 |
