Looking to get into the foreclosure market as a buyer? Reduce risk by seeking REO properties!
Washington foreclosure listings which contain REO, (real estate owned) properties are the least risky as well as being the simplest.
REO properties are bank owned properties. These properties are usually empty of occupants, available for viewing, inspection and appraisal. Upon receiving the appraisal, determine if the property truly is a bargain. Research the market value of the property you are interested in, subtract the asking price, is their a profit? This profit is usually referred to as equity.
Many times REO properties are anywhere from 10% - 50% below market value. On paper, this works in your favor as an investor, however, you need to view the property as well as have inspections done to determine if the house requires additional work. If, on paper, it looks like a deal, but you realize the property is uninhabitable or in need of expensive repairs, the equity in the house is reduced by these costs. You may use the costs to bring the property to code or standard to reduce your offer price to the bank or lender. The bank, now being the owner, usually is willing and legally capable of negotiating all these terms. Remember, the bank does not want the property, they want the funds from the property.
Additional negotiating tools the buyer can use include closing costs, interest rates, down payment requirements --- all negotiating factors used when purchasing a property using traditional methods. Your written offer is your word, and prior to offering a contract, it may behoove you to be prequalified for the loan to purchase the house. Prequalification can be obtained with the bank selling the property, or elsewhere. Prequalification will greatly enhance your chances of obtaining the property as well as forcing the transaction to move at a greater speed.
After finding your Washington Foreclosure listing, particularly if this is your first real estate transaction, take your time, do your research. Be diligent discovering all the information available regarding the property. Be forthcoming and realistic with your offers, ridiculous offers will be rejected and make you look as if you were acting in bad faith. Yet, do not be intimidated by lenders, this is your money, make it work for you and provide a healthy foundation for a fiscally sound financial future.
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