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Some notes on Foreclosures and Short Sales:
A Short Sale is when the owner is trying to have the bank accept less than the principal so that the home can be sold without a foreclosure. There is no certainty that the bank will accept the short sale so any deal can be subject to bank approval.
A foreclosure is a process the bank initiates when the owner has failed to honor their side of the mortgage agreement.
- foreclosures and short sales are not easy
- in most cases you must have proof of funds (they expect CASH or a very solid source of funds)
- they may be sold AS IS - don't expect the seller (most likely a bank or a very strapped seller) to start fixing things
- some have been damaged due to neglect or the seller intentionally damaging the property
- you have to be prepared to act Quickly
- you will likely have competition - especially on the good ones
I'm prepared to work with serious buyers - if you need to finance or cannot buy a property 'as is' then a foreclosure may not be for you!
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