There are more and more homes coming on the market today that are considered a short sale property or a foreclosed property. Well what is the difference?
Borrowers are often are given a grace period to avoid the foreclosure process, often 2-3 months. The borrower may opt to sell the property during this pre-foreclosure stage if they can't make up their missed mortgage payments. This is typically the best time to strike a deal, as home owners are looking for ways to avoid foreclosure. If the home is purchased during this time frame it is called a short sale.
Buying a foreclosure can be complex and a lengthy process. The complexities of buying foreclosed properties can begin with finding an agent that is familiar with the short sale, foreclosure and REO process, as well as, finding a great deal to avoiding some pitfalls.
Foreclosure rates in the United States are increasing as a rapid rate which is creating an opportune time for investors and buyers.
Where to find properties: Contact Erin Romanski for a list of current foreclosured properties. You may also check the sherriff's website for a list of properties coming up on the sherriff's sale.
Considerations/Precautions: Properties that have been left vacant for a while, be sure to check for any plumbing or electrical issues, foundation problems, and mold. Consider having a whole house inspection by a qualified home inspection company to ensure they're not overlooking problems that would be expensive to fix.
Check to ensure the title is clear and check for any liens - such as builder liens and tax liens - that need to be paid off. This is public information and usually can be found at a county's recorder's office.
Foreclosure deals often move fast and require constant attention and communication with the bank as properties wind their way through the process. Remember, if it looks like a great deal, other buyers are looking too.
Contact The Romanski Group today for a list of foreclosed properties at erin@romanskigroup.com!
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