Before you can even consider making an offer on any foreclosed properties, you must ensure that you are working with a real estate agent that is able deal with banks and other institutions that would own such properties.
Remember that you will be purchasing the property from an institution, rather than an individual, so it is important to work with somebody who has experience in the area. If you don’t you may find that you end up having to wait a lot longer to make the purchase, even if you already have the money to pay for the property.
Financial institutions are looking to sell off their foreclosed homes, but at the same time they want to be able to ensure that the new owners of the property will be able to make the relevant payments. Being able to offer a healthy down payment is a good start, but showing that you have been able to secure a loan beforehand shows that a lender holds you in good stead, which means you have more chance of making a successful offer on a property,
Of course, all of that is advice on what you should do to identify and be prepared …Read More