December 07, 2010
Real Estate Question of the Day
What do I have to do differently to purchase a foreclosure home?
The foreclosure home market in Elkhorn, Lake Geneva, Fontana, Williams Bay and Linn is generally faster paced, so as a buyer you need to be ready on several levels.
First, you need to have your proof of funds (cash) or a pre-qualification letter from your lender indicating that you are able to follow through to closing.
Next, you need to understand what you are buying. Just because it is bargain priced, doesn’t mean it is a great deal. The surrounding homes, the past sales, condition, extent of repairs should all factor into your thought process and be reflected in your bid.
Finally, you are going to want to make your offer as contingency-free as possible, so do your homework in advance. The owner of the foreclosure home is not in the mind set of holding the asset. It is a business transaction, and they are going to accept the bid that offers the best chance of successfully closing.
Have a real estate question I can help you with? Feel free to email or call me to chat! I promise to get back to you with a response.
Posted by: 
Stacey Schultz
Tagged With:
buying foreclosures,
elkhorn,
real estate questions
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