A foreclosed house is a chance for buyers to purchase a home lower than market value. However, the foreclosure process is a lengthy one. There are several phases in the process and include: Payment default, a notice of default, trustee’s sale or auction-Washington state allows for this to occur without a Court order-this is also referred to as judicial foreclosure, real estate owned or new buyer at auction, and eviction. Having an experienced real estate agent walk with you throughout the somewhat complicated process can help tremendously. We’re here to help you succeed in buying your first home or maybe one of several properties. Perhaps you’re looking to flip a house? Let us know what you’re looking for and we can help.
Foreclosed Homes Arlington
When looking to purchase a foreclosed home, here are a few tips for winning a Real Estate Owned (REO) foreclosure auction and generally things to remember:
- Get a property history- Have your realtor check the price the bank paid vs. the price the bank is asking for the home. Often the price the bank is willing to loan out for a foreclosed home falls in between the original price/mortgage and the current asking price.
- Find comparable sales– Take a look at other similar properties (square footage, condition, number of bedrooms, etc). The listing price doesn’t necessarily represent the value of the home. People can and do offer more than the listing price.
- You can decline to negotiate repairs– A major issue such as with a malfunctioning HVAC system or broke water heater, allows you the chance to renegotiate your price after the inspection uncovers these issues. Otherwise, the home sells, “as is.”
- Ask about the number of offers the home has received– You may be up against some stiff competition when putting in an offer on a home. If the house has many people interested, you’ll likely lose out if you’re offering only the asking price. If the property doesn’t have high competition, you may be able to get it for under asking. You’ll never have to guess or make the wrong choice with us advising you.
Contact us today for more information on purchasing foreclosed homes.
Foreclosed Properties Arlington
A foreclosure may affect your ability to obtain another mortgage in the future and is a serious topic, however, it’s also important to acknowledge what this process does for new buyers. A house previously out of budget for first-time homebuyers now have the opportunity to throw their hat in the ring. Contact us if you are in the market for a foreclosed home and let us help you find the perfect house at a more affordable price.