Buyers
Looking for Information on Short Sale Lists with Motivated Buyers? We have daily lists of new short sale opportunities available.
Buying a Home with Equity
There are many ways to purchase a home today with instant equity. Due to the large amount of foreclosure filings, we have more than enough pre-foreclosures and foreclosed properties to choose from. You should know or have the following prior to searching or viewing a distressed property.
1. What is your price point? What is the price range you would like to stay in for each purchase?
2. Do you have a solid pre-approval? Banks and asset management companies only consider serious
offers. You should already have a pre-approval.
3. The area of town you would like to purchase in.
4. The condition of the foreclosed property that is acceptable to you.
5. If you are willing to purchase a foreclosed property as a rehab project, do you have contractors in
place?
6. Realistic expectations. Some homes have already received deep discounts. Bid smart or risk losing out
on a good dea
What is a HUD Home?
The Federal Housing Administration (FHA) is a part of the Department of Housing and Urban Development (HUD). They are the part of the organization that provides federal mortgage insurance when a home is purchased with a FHA loan. When the homeowner forecloses on their home, the lender can file a claim for the part of the mortgage that has not been paid. FHA will pay the lender’s claim and HUD gains title to sell the home.
HUD Offer Periods
New listings are available weekly on Friday mornings. Bids may only be submitted by HUD authorized real estate agents for owner occupants during the first 10 calendars days. After the bids are opened and reviewed, the bid with the highest acceptable net bid to HUD will be selected.
After the initial 10 day period, all general bids to include investor & non-owner occupied bids can be submitted and accepted.
What are REO Properties?
REO is an acronym for real estate owned. These homes have been foreclosed upon. Buying homes that have been foreclosed upon can save home buyers and investors thousands of dollars off the sales price of a home.
Addendums to contracts can vary from one REO property to another. You should work with a real estate agent with experience in working with various foreclosed contracts. An agent needs to know how to advise the home buyer on inspections and inspection periods, repair negotiation, bid and closing cost negotiation.
What are Motivated Seller Properties?
There are many reasons why a seller may be EXTRA motivated to sell. The seller may unfortunately be going through a divorce, relocation, financial distress, plus many other personal reasons. If a seller is extremely motivated, the seller’s agent will disclose(with permission) this information to another agent. This information is NOT available through a public search of the MLS. These properties may also be easier to negotiate because of the nature of the transaction.
What is an Equity Property Search?
There are homes in the MLS may have been appraised by the county appraisers for property tax purposes at a higher amount than they are actually listed for. Please note that only an appraisal for current market price by a licensed appraiser will safely determine the amount of equity that may be in a property. An equity search may help identify properties that are listed for a lower price than they may be worth.
For more information on HUD and other equity properties for sale, complete the short request form below.
