Archive for May, 2009

Sideline Buyers..

With how much information is available to buyers, it makes sense to be patient and wait for that perfect property. But what happens when you find that property? Whats the next step??

Many potential buyers are doing research on the internet, but aren’t sure what they can afford. If you are starting to get serious about making a move, it may be time to talk to a lender.  Get your pre-approval so that you can research with confidence.

..and if you’re looking to buy a foreclosed home, make sure you’re getting your financing from a direct lender.

Foreclosure Reality

I am constantly hearing from prospective buyers that they are interested in foreclosed properties because “they are cheaper than the other properties” or “they are a great deal”.. but its important for buyers to know the reality behind foreclosures.

When a Realtor takes a foreclosure listing or an REO, they are working directly with the bank. The bank might require a few comparative analyses in an attempt to get the precise market value of the home.

In many cases, the reason the foreclosed property appears to be ‘below market value’ is because the home is going to require a great deal of work in order to make the house attractive or even livable. Foreclosures are almost always an ‘as is’ sale, so it is of the upmost importance to take condition of the property into account.