Citimortgage Reo Asset Management Department - How to Be Prepared When You Find a Great Deal

March 9, 2011 - PRLog -- Citimortgage Reo Asset Management Department

Homes in foreclosure are dominating the real estate market. Currently there are 1.5 million such homes for sale with more expected to become available soon. If you are looking to get a great deal in real estate, now just might be the right time to buy.

But don't let a rock bottom price blind you to possible problems that are typically associated with a foreclosure sale. Just because you're getting a good price, doesn't mean you should rush into a deal that is not right for you.

The following is a list of things to consider before you start to shop for that great foreclosure deal!

1. Consider the condition of the property:

   * Most bank owned properties (REO's) are sold "as is".
   * This refers to the fact that the bank will generally do nothing to improve the condition of the property before the sale.
   * In today's market, many of these homes are in less than perfect shape.
   * Typically the former owner has been struggling financially, and has neglected to perform routine maintenance. In some cases the owners may have trashed the properties before leaving.
   * If you can, tour the home with a contractor. He can give you a good idea of how much work has to be done and what it will cost.
   * If you are willing to purchase a home that needs work, budget accordingly.

2. Get pre-approved from the lender you want to buy from

   * If the property you are interested is owed by Citimortgage, get pre-approved by Citimortgage. It may give you an edge over similar bids on the property. Get Internet #1 - Citimortgage Reo Asset Management Department @ http://realestatecure01.webs.com and change your financial life forever!

3. Contact lenders directly

   * Establish relationships with bank asset managers. If they know you are a viable buyer, they may give you first crack at new foreclosures coming on to the market.
   * It's also helpful if the property you are interested is a short sale. If the sale falls through and the bank repossesses the house, they know you're still interested. This could result in a fast sale with no competitive bidders on the property.

4. Be patient when making an offer

   * The low ball prices typically associated with foreclosure homes can result in a bidding war that leads to a home that is no longer a bargain.
   * Calculate what you can spend first and do not exceed that when making an offer.
   * If you can, wait a few days after the house has gone on the market before making an offer.
   * Get a feel for where the bids are coming in before deciding if you want to jump in.
   * Talk to the agent selling the property. See if he'll give you a feel for what kind of deal it is and where you should start with an offer.

5. Hire a real estate attorney

   * This is true for any real estate transaction, but especially in a foreclosure sale.
   * Once the bank agrees to sell, things will move very quickly.
   * You will need an attorney to help you navigate through the legal process of buying a foreclosure home.
   * The price you will pay is well worth it considering all aspects of the transaction will be properly prepared and executed, and nothing overlooked. Get Internet #1 - Citimortgage Reo Asset Management Department @ http://realestatecure01.webs.com and change your financial life forever!

# # #

How come everyone is earning from Real Estate? Want to get rich during the Downturn?
Get Internet #1 - Citimortgage Reo Asset Management Department @ http://realestatecure01.webs.com and change your financial life forever!