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Foreclosure is a legal process wherein a bank or a creditor takes ownership of real property because the owner was no longer able to comply with the promissory notes that were issued to him. Once the process has been completed, it usually means that the lender has "foreclosed" on the mortgage.
Who can buy a foreclosure?
Anyone! If you have the cash or can qualify for a mortgage, you can buy a foreclosed property.
Can I buy a foreclosure as an investment?
Yes. Foreclosed properties listed are available to all buyers, including investors.
Should I get pre-approved for a mortgage before buying a foreclosure?
Yes!!! Pre-qualifying for a loan is important for a potential homebuyer because it helps ensure that the buyer is in a financial position to purchase a property and it places the buyer in the strongest possible position during negotiations. A pre-approval gives you a concrete idea of what you can afford and shows the seller that you are serious about buying a home.
How do I find foreclosed properties that are for sale?
Virtually all bank owned properties are listed with a REALTOR and are entered into the local Multi List System. Based upon your specific criteria, we can search and inform you of the available properties that meet your needs.
OK, I've found a bank owned property that I like, now what?
Write an offer! We can provide the necessary documents and purchase agreement forms to assemble and present a viable offer to the seller's listing agent. As your buyer's agent, we will work with you to negotiate the most aggressive offer possible.
Will I have an opportunity to perform a thorough inspection of the property?
Yes. Once the offer has been accepted, by the seller, you will be given a period of time to complete any inspections that have been stipulated in the original purchase agreement.
The property has passed my inspection, when do I take possession?
At this point your lender will be working closely with a Title Company who is researching the history of the property, any outstanding liens or assessments, unpaid taxes, etc. When all parties have been satisfied that the property can be legally transferred to you, a closing will be scheduled. That is when you will sign your loan documents and any other necessary papers. They are then sent, overnight, to the seller for their signatures. When all documents have been signed and processed (usually within a day or two), the property is yours!
WOW, I didn't realize that buying a foreclosed property could be so easy, how do I begin?
Simply click the link below and tell us a little about what you are looking for and what your budget will allow...we will contact you immediately and begin the process.
info@arehomes.net
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