Foreclosures
Foreclosed Property
The bank has taken ownership of a property because the home owner is no longer making payments. The home owner was unable to or missed the opportunity to sell his or her property short.
Reward
- These properties are priced to sell quickly
- The bank can respond to your offer in as little as 48 hours.
- Possess the property as soon as you close.
- If you have cash, you can close in as little as 10 days.
- If you are using a lender, you can close in less than 45 days.
Risk
- These properties usually go under contract within days of being listed; if you’re not prepared, someone else will be!
- Foreclosures are sold in “as is” condition with no repairs prior to closing.
- Most bank owned properties will need new appliances and/or updated landscaping.
Homework
Look good on paper; GET APPROVED!
- Most banks will want to see a loan approval letter OR credentials supporting the purchase of their foreclosed property.
- Prepared buyers have their contracts reviewed more seriously and, more often than not, are the ones that banks choose to work with.
- Talk to one of our trusted financial advisors early in your process.
- You will want to work with a local lender (local to the property) that is up to date on all Florida lending processes and requirements
- Most buyers lose out on the best deals because they find a property before they understand exactly what their financial obligations are.
- Our team will set you up for success by getting you the knowledge and providing the experience that it takes to navigate the foreclosure process.
