When you’re in the process of purchasing real estate, your budget is exceptionally important. Consider investing in foreclosures! By going through this avenue, you’ll end up saving some cash and therefore, will have more money to splurge on renovations, furniture or even a vacation! There are a variety of factors that differentiate the act of purchasing a home sold by the bank as opposed to when it’s sold by the home owner.
By choosing to buy a bank owned property, you’re also choosing to purchase the home in the condition it was when you viewed it for the first time. This can be beneficial because if you have a vision on how the home can better suit your tastes, it’ll be easier with the discount you received by purchasing a foreclosure in the first place.
Purchasing a bank owned property is vastly different than the usual process of buying a home. If you’ve found a foreclosure that you are interested in, you submit your offer through your real estate agent who then gives that to the bank. If the bank approves your request, you can begin the home inspection.
You can almost think of the world of foreclosures as an auction. Whether you’re the only one interested in the property or if there are others, you must attend a court hearing so a judge can determine whether or not you can seal the deal. If there are other parties interested in the house, then a home auction begins. The judge will take into account the price, deposit and completion date and will then choose a victor. If someone has outbid you, you’ll have only one extra chance to increase your offer. Once that process is complete, the judge will decide who gets to purchase the house.
By working with a knowledgeable agent, you’re increasing your chances of success when it comes to your foreclosure purchase. To get started, fill out the form above.