A foreclosure is a property that a previous owner has defaulted on and was returned back to the bank. This is a property that went to auction after default and did not sell, the bank then turns the property over to the real estate market at a competitive price. Most bank owned properties have no known disclosures, it is very important to due diligence and get inspections so you know exactly what you are getting into as the bank has no idea what they are selling, so they list the properties AS IS. There have been cases where due to properties be unable to loan on that the banks fix major repairs in order for a property to finance, Some properties are strictly listed as Cash Only Sales.
You may have enough equity that Projection Realty can help you sell while working with your lender and avoiding foreclosure. Don’t let the bank walk away with your equity!
We have worked with many types of investors, And a handful whom just called themselves investors, if you are an aspiring Investors – please give Harlow Vernwald a call, she is always available to share her expertise – Investing in real estate properly Can Be Very Profitable….
We work with many investors who do invest in Foreclosures, These investors work with Harlow Vernwald because she is very experienced and knowledgeable – She know the market and can see profitable buys. Buying a foreclosure or any property that you want to turn for profit relies on timing and knowledge. These days if you get a loan on a foreclosure, the lender may require you live in the property for up to a year, so keep that in mind when deciding how you plan your investment purchase and goals. Making money means you must have money and the know how to pull this off. Depending on your long term goals, there are ways to purchase and still make a profit such as private loans, hard money loans, creative financing, etc. Each carry different requirements and contingencies. All types of buyers may purchase a foreclosure or bank owned property including first time buyers – This is a great buy for a buyers willing to put in a little work, giving potential equity they might not have had with other homes. When the foreclosure market is here there are sometimes properties priced so competitively, that some buyers are getting a grander home then they would normally be able to afford. In some markets and with some right moves its still possible to find yourself with a purchase that has equity or potential equity for the area market.
If you really want to purchase whether a Foreclosure, Bank Owned, REO, Short Sale or Fair Market Home – You need to be a ready, and willing buyer as these properties come as fast as they go. There have been many times where buyers decide to wait and see if anything happens and when they are finally ready the property has 5 other offers, in this case scenario we can always write another offer on another property or wait inline, the later really doesn’t get you any where.