Buying a foreclosure

It takes patience to purchase one of these properties. In a foreclosure situation you are dealing with the bank and they sometimes take a while to respond, although lately they have been very good. Remember there will be addendums that have to be signed in addition to the normal Agreement of Sale. These addendums will state that the property is being sold in as-is condition, that the bank has no knowledge of the condition of the property and there is no seller’s property disclosure, they will want to charge a fee for every day the purchaser is late getting to settlement (although lately that fee has started to be waived as the new regulations state that if the HUD changes by 1/8 we have to go through underwriting again and the banks don’t want a further delay), and that the property has been winterized. Be sure to read through the addendums however nothing can be struck from these addendums so if you are purchasing a foreclosure be prepared to sign them. Although you can get a foreclosure for less than regular market value, it is not by much and many times these homes need renovation. A 203K FHA loan is a good alternative for someone who wants to purchase such a property but has little resources to do renovations as it is one of the few ways to get a renovation loan. However remember you cannot get an FHA loan if you have another mortgage in existence as the purpose of FHA is to get HOMEOWNER’S into a property and not investors. Again as stated many times before when you are purchasing a foreclosed property be sure that your Realtor is EXPERIENCED in this type of purchase.
Visit http://jenniferdaywalt.remax.com/default.aspx , click the tab U.S. Property Search on the left and then click the tab foreclosures. This will show you homes that have been taken by the bank. These homes are not necessarily on the market yet but will be coming onto the market if they are not sold at Auction. Contact me at Sellinghomesjenn@aol.com or directly at 610-999-7693 for more information on one of these homes or on information regarding foreclosures or any Real Estate Related question. If you are facing Foreclosure ACT IMMEDIATELY. Many times it can be avoided and you can leave with a profit. Call IMMEDIATELY if you are faced with this situation.