Buying Waterfront Foreclosures
Do you want a "STEAL" in this buyer's market? If so, do your homework and be VERY careful in deciding to buy. Often, foreclosing properties are NOT open for inspection, and you need to buffer your financial expectations to allow for repairs. Driving by the outside doesn't always tell you what's (left) on the inside! You'll need to go to the auction on the first Tuesday of each month at the courthouse-- go to a few 'practice' runs to groove the routine. Bring CASH- THEY'LL SEND YOU THE DIFFERENCE IF YOUR CASHIER'S CHECK IS TOO BIG. Right now, foreclosures aren't a hot deal because most seller's don't have much equity in the home to sacrifice-- most of the lenders are getting the properties back, which then become---
REO- REAL ESTATE OWNED is the bank terminology, and these properties are farmed out to realtors who advertise them in the MLS. Many lenders have their own forms and procedures which differ from the state forms. These are usually legal(!), but many realtors shy away from them because they are not the same forms/procedures with which they normally deal. these homes are pretty much "as-is", and the banks don't like extensive repair bills. BUT if you have time and your Realtor knows the ropes, you can get a pretty good deal on a home this way, but it won't be the perfect home you're expecting. I STRONGLY suggest getting a good home inspection BEFORE bidding on an REO. You'll pay for one anyway, and might avoid a big mistake upfront!
That's all for this page-- call me if you need more detail, or want to go looking!! 361-960-2321
