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Buying foreclosures vs buying from seller direct

Buying Foreclosures Vs Buying From Seller Direct

Are you on the market to buy a home?

Great. it is a great time to purchase real estate and I recommend every person that have been waiting for a great time to invest in real estate to buy.

We hear about it in the news and from people we know and its all true, it is the best time to buy homes that are for sale either through short sale, foreclosures and other sales.

Why should you buy from a seller when you can buy a foreclosure?

Most sellers are in pressure these days and they’re willing to negotiate to a much lower price than the actual asking price. The sellers that will negotiate with you the most are the people with the equity. So if you know of someone that he’s under some pressure, but he have $150,000 equity in his home and he can’t refinance, offer him some money and test the water. If this seller needs money he will take almost every offer you will give him because he cant refinance, he doesn’t want to loose his house because of the equity and it will be hard for him to sell because most of us these days are buying foreclosures and short sale homes.

Why banks willing to short sale homes?

Foreclosure process is very expensive for banks. While they understand that they’ve already lost money on this particular property, they’re not interested in loosing even more so they short sale the home. They basically negotiate with a buyer a good deal so he will be happy, but at the same time he will cover most of the costs and the expected lost that they would have from a foreclosure process. Short sale can be a great deal for someone, but it may take up to 4 months worth of negotiations and it might not going to happen after all.

Every real estate agent can help you with short sales?

No. most real estate agents are trying to avoid short sale because of the time that it takes to close the deal, also because most of the times the deal will not go through so they’ve spend time without making any money. There are small percentage of real estate agents that are specialise in short sales, reo’s and foreclosures, these are the agents you would want to contact for help.

These real estate agents have been doing short sales, reo’s and foreclosures for many years and some for the past year only, but they have the experience negotiating and closing deals.

In this market you don’t want to waste any time. You have to educate your self as much as you can and get things done in the right way. We all got into bad mortgages and wrong investing decisions, but we have to learn from the mistakes and take what we’ve learned and put it into action now.

Good Luck.

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