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Tag Archives | Foreclosures 101

Foreclosures 101: Dates and timetables

When buying a foreclosure, like all other properties, you need to set a closing date on the contract. When setting this timetable you need to consider what kind of affect the proposed dates will have on your offer. As with any point in a contract, if you put the closing out too far you could hurt […] More»

Foreclosures 101: Persistance

When buying a foreclosure property, the terms of the contract are undoubtedly the most significant factor in making or breaking a deal. However, there are other intangible factors at play as well. The most important of which is probably communication with the seller and listing agent. Getting a deal to close can take persistence and […] More»

Foreclosures 101: Offer pricing

When it comes to making an offer on a foreclosure property, many investors often get caught up in the “How low can you go?” mentality. Since banks can more easily absorb a loss on a property, you might be tempted to do nothing but lowball. At times this is the appropriate mentality, but don’t throw […] More»

Foreclosures 101: Limiting contingencies

If you’re a veteran foreclosure buyer, this one is probably obvious., but a little refresher never hurts. When making an offer on a property, do all you can to limit the number and length of your contingencies. Depending on the property, and your personal taste, you might want to get an inspection of the roof, the […] More»

Foreclosures 101: Earnest money

Being creative with earnest money in real estate transactions is one of the most commonly overlooked negotiation points in a contract. Especially for foreclosures, with their battle-weary bank-owners trying to cover their butts. They want assurances. This earnest money acts as a guarantee that if you violate the provisions of the contract and walk away, the […] More»

Foreclosures 101: Financial viability

Almost every offer for a bank-owned property must be accompanied by either a proof of funds or loan preapproval. Offers won’t usually be entertained without one accompanying the contract. With the strict lending market, this is now more important than ever. Banks, and their agents, don’t want to waste their time with buyers who don’t […] More»