Have Patience - Remember you are dealing with banks. The response time is not as quick as buying from an actual homeowner. The banks are currently are overrun with these foreclosure homes so your offer is sitting on a file below a stack of offers on a bank employees desk. Response from an offer could be within a few hours to a few days. Closing could be fast or delayed beyond your control due to title work issues or financing. You want clear title to the home so you can resell it later. If you think the banks are over their heads, the foreclosure courts are just as overwhelmed right now.
Get a Home Inspection - the price of the home is a super deal for a reason. Like any business, a bank doesn't want to lose any profit from a sale. Rather than fix the home and putting it back on the market, the bank is transferring that cost and headache to you. The bigger repairs that you don't see could be structural, electrical, and plumbing. Spend the money for a home inspection to get a better understanding on what you are buying before that investment becomes a money pit of unforeseen repairs.
Get Your Finances in Place - The great deals always go fast so you need to have your finances in place. Other investors are also on the sidelines looking for the same investment properties you are so timing is critical. Great deals can also lead to multiple offers and a bidding situation so know your limits before getting in this situation. CASH deals are great but don't always get the leverage you think you would get on an offer. It does help to make it a quick closing which the bank does like and less chances of falling through. If working with a bank/investor or a cash offer, have the documents ready to show you are able to purchase the property. Having all the documentation in place, can make you prepare the offer faster. The negotiation is less emotional for foreclosures because the bank only looks at their sellers net. The best offer with the less cost for the bank wins.
Have your Contractors Ready - Timing is critical, because you need to know if this foreclosure property will make money or break you. If you will not be doing the repairs yourself, have your contractors ready to give you estimates. The more major the repair work get the costs from a professional. Electrical, Plumbing, Structural, and Roofing repairs can be very costly.
Your Prescott Glen Specialist in Lexington South Carolina for all your Real Estate Needs. Search all MLS Properties in the area or call me direct at (803) 414-5677. EXIT Real Estate Consultants
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