Looking specifically for short sales or foreclosures? We can help!
What is a Foreclosure?
A foreclosure is a home owned by a lender due to the previous owner failing to pay mortgage. Foreclosures are also known as real estate owned properties (REO) or bank-owned properties.
What is a Short sale?
A short sale happens when the lender and borrower decide to sell a property for less than it’s worth to avoid the borrower having to default on their loan.
Is buying a foreclosed home different from buying traditional real estate?
In short, yes. Purchasing a foreclosed home takes a lot of paperwork and a lot of time--sometimes over a year. Potential buyers will have to get approval from banks and investors. However, with all this said, you can find a great value in purchasing a foreclosed home or short sale.
Keep in Mind:
Never buy before seeing a foreclosed home
Use a licensed real estate agent
Know how much it will cost to make the home livable
Look at the comps in the area / neighborhood
Make a competitive offer
Understand the financial restrictions on foreclosures
Do You Still Have Questions About Foreclosures?
If you have some questions about foreclosures and want to chat with us more, don't hesitate to reach out! Call us and we'll help you through the foreclosure buying process: 843-735-1111
