Seems like a simple subject, right? Many Buyers are looking at this segment of the market as a way to purchase below value (hopefully), make a few repairs and perhaps resell, keep for rental or personal use... No longer is there a stigma attached to buying Foreclosures. It is not what it used to be. The market is saturated with them.
But, what are Foreclosures? Seems simple enough, right? Wrong... Foreclosure Properties can mean many things: Bank Foreclosure, Tax Foreclosure, Short Sale / Deficiency Demanded, Short Sale / Deficiency Waived, Deed not recorded, Auction... All of which come with their own set of rules. Not having a Realtor like myself on your side can cost you time and money.
I have earned an SFR designation and am now a "Short Sale and Foreclosure Resource" to better serve you in this area. Having access to many different sources of information not available to the general public is Very helpful when considering a Foreclosure purchase. Here is just a sample of the type of information I have access to:
|tax map number||address||case number||file date|
|plaintiff (bank)||unit location||agent phone||purchaser at fc sale|
|plaintiff attorney||bedrooms/baths||MLS #||upset bid sale date|
|plaintiff atty phone||original sold date||listed price||amt paid at FC|
|property description||orig sold price||interior pics||final purchaser|
|deficiency demanded||orig mortgage amt||disclosures||date of final sale|
|deficiency waived||current amt due||deed info||plat / surveys|
As you can see, all these things can be very important when considering the purchase of a foreclosure or distressed property.
Are you considering buying a Foreclosure? Got a Foreclosure question? I'm here to help! Feel free to contact me any time with your Real Estate question or need.