Income Requirements for Conventional Mortgage Explained A conventional mortgage is a mortgage that's not backed by a government secured entity. Lenders for conventional loans are banks or
So You Want To Buy A Foreclosure And Get A Deal
Published 7/1/2016 - Beth Ross
To Buy a Foreclosure or Not
So you want to buy a great property for next to nothing? Well, this is a good fantasy! HOWEVER, don't get disappointed, with a little time and a lot of patience you can be the owner of a good property at a great price!
You just have to realize that the properties that are listed are at today's current market value for the most part. The listing agent and the banks have worked together to finalize a fair asking price. Yes, sometimes they are a little high, but that is where your REALTOR, which you should always use, comes in. They need to be able to research the current market, check out the non-MLS sales and compare those with the MLS sales giving you the best possible selection of values to base your offer on.
To give you a little back ground, the banks hire a number of individuals prior to the property being listed, that will look it over and give it their opinion of value. These opinions are called Broker Price Opinions (lovingly known as BPO's). They may also hire a separate appraiser to check the values that the REALTOR's have placed so that they know they are receiving good values.
Find an agent that you feel comfortable with. Have them start sending you listings of what is out there. Remember, great deals can also be found in short sales, regular listings or pre-foreclosure listings in addition to the bank owned properties. Let your agent guide you through this process as there are thousands of listings that we go through to narrow the search down to find you just what you are looking for.
Remember, agents don't get paid until you close on a transaction so be kind to them and remember their time is as valuable as your time so if you use them to look at property, find information for you, and be there to answer your questions, please use them to write the offer so they can be compensated for their time.
Most agents are great at their profession and truly care about you, their client.
Use your good judgement, find one you feel will work well with you and use them all the way to the closing! Those of us that take the time to obtain continuing education and learn new marketing techniques and skills are the agents that will continue to be here in two or three years when you are looking at property again. Remember us, we remember you, and work hard to maintain a good relationship with you over the years.
We will all look forward to hearing from you soon to help you decide if it is a good time for you to buy a bank owned property or not.
My personal passion is bank owned properties. Helping folks move on to the next chapter in the book of life, and helping buyers find the best fit for them.
My team at Carolina Pines Realty are here to help so please give us a call and get better than great customer service!!!
Having moved to SC from CA in 2005 I have found this was the best decision I could have ever made. I love the areas of the Grand Strand and Pee Dee and find new places to explore every day. I was a ....
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