When you’re Making a Major Investment, You Want A Professional Guiding The Transaction.
Common Questions from Investment Buyers
Do the sellers (entities that own the foreclosed property) rent or lease?
No, the property owners are only interested in selling.
Is the loan on the foreclosed property assumable?
No, you must secure financing outside the old loan.
Do the banks offer financing?
Some may offer an affordable alternative to purchasing a property in need of repairs.
Will the bank make repairs?
Our properties are generally sold in “as is” condition. Occasionally a bank may choose to repair a property so that standard types of financing may be obtained.
What is the best way to finance a foreclosure?
The best purchase is a cash purchase. However, this is not a possibility for most people. There are a few rehabilitation programs available to choose from. An FHA203K program works well with a property needing repairs.
What repairs are needed?
Our sellers do not perform property inspections to produce a list of needed repairs. They do allow an inspection period to let you decide whether or not you wish to proceed with the contract.
Is the loan on the foreclosed property assumable?
No, you must secure financing outside the old loan.
Evaluating Foreclosure Property for Purchase
Is the property being purchased to hold and rent, or to resell quickly?
When purchasing a foreclosure property, a cash transaction is preferred over financing.
An agent who specializes in foreclosures and REO properties will best represent your interests in this type of transaction.
It’s best to have a specific geographic area in mind when searching for a prospective property.
Work with an agent who covers many geographic areas to access the widest selection of properties.
Don’t expect sellers, typically banks, to offer giveaway prices just because the property is in foreclosure.
Be patient in the search. The right property for you will come along in due time.