You’ve seen ads offering you a list of foreclosure properties. Have you really thought what does it take to get your offer accepted by the bank, especially when you are competing with several offers? Yes, the good deals get several offers. The question most buyers ask is what price should I offer? Some buyers think that they should offer thousands below selling price to get a good deal. That may not always be the case. Bank owned properties are selling 101% of listed price. That means, buyers are offering higher than listed price
In order to be successful in buying foreclosures where you are competing, most of the time with savy investors who have lots of money to put as down payment is a process. To start with, work with a Realtor who is a foreclosure specialist and has successfully closed bank owned transactions and worked with lenders in the past and who will educate and provide you their expertise. Otherwise, you could be writing offers after offers and not get your offer accepted.
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