Looking for a foreclosure property? You have come to the right stop. Elizabeth Marquart works directly with several banks to list and sell their foreclosure properties.
Call Elizabeth Marquart today to find out more about upcoming foreclosures for sale. Also look in her properties section for current foreclosure listings.
Is buying a bank owned property any different?
Buying a foreclosure/bank owned property is really no different than any other purchase. The price and terms are negotiable but once they are agreed to the bank does not usually make any changes.
The main difference is that the bank who is selling the property will require that you get pre-approved with them prior to considering your offer. You can choose to use a different lender for the actual loan but you will be expected to have a short contingency period for the loan and appraisal. The bank owning the property usually offers a very competitive financing package if you do decide to go with them.
The other difference is that the sale is usually "AS IS" with no repairs or credits for repairs. The banks do not usually do any fixing up of the properties before they are sold, they are simply cleaned and maintained. You of course have your usuall rights of inspections and can cancel if you find out there are problems with the property.
Every bank is different, some do termite repairs some do not. Having an agent who know how each bank works is key to your success in purchasing a bank owned home.
Elizabeth sses these properties in like new, move in condition and some pretty bad conditions too. The range is huge,so don't assume a foreclosure means a lot of work.
Getting a credit for buyer closing costs is pretty common, the key is knowing how to ask for that credit.
Sound interesting to you? Email Elizabeth Marquart or call and she can talk to you about more details and how to get started looking for these properties.