Foreclosures
Buying "HUD - REO - Short Sale" Homes
Buying/purchasing foreclosures, short-sales, HUD homes, etc can be a good and sometimes, a great bargain. However, these transactions are not for the "faint of heart" or the "impatient" buyer. There are many twists and turns in these transactions and it takes experience, persistence and lots of patients.
In addition, every transaction is is different; meaning that not all "HUD" sales are the same, not all "REO Sales (bank owned)" are the same and not all "Short-Sales" are the same.
The truth is that while some of these homes may be a good bargain in the beginning, they can also come with many inherent risks to the buyer in addition to lengthy closing times, frustration and confusion.
A few important things to consider are:
- The risk of losing money such as (earnest monies, costs for inspections, fees for turning on utilities), as well as miscellaneous fees.
- Interview the agent you choose to see if they have experience in these types of sales. Ask how many buyers they have helped recently.
- Ask your agent what the risks and rewards are.
- Do they know and will they tell you what the "up front" costs are?
- What can you expect during the process?
- What type of loan will you need to buy one of these homes?
- Does the agent have a lender that understands how to work with you and the process?
This a very short list. Call us today and we will be happy to answer any question you have and even some you don't know you need to ask.
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