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The Secrets of Buying Foreclosed Properties, Winston Rowe and Associates
There are a lot of misconceptions out there about what it takes to get a great investment property at the best possible price.
By: Winston Rowe and Associates
Sheriff Sales Are Hit or Miss at Best
Buying foreclosed properties at a foreclosure auction, or sheriff sale as they are commonly known, is a hit or miss prospect. The other disadvantage of sheriff sales is that you cannot view the property before bidding. Estate auctions can sometimes yield good buys, and you can generally view the property prior to making a bid.
Short sales are less likely to be completed today because banks have less financial incentive to do so. However, you will still see short sale situations pop up onAuction.com or Hubzu.com prior to the home going to sheriff sale.
Properties Listed in The Local MLS
Properties listed by real estate agents in the multiple listing service (MLS) are by far the best method of sourcing great deals.
Owner Occupants and Nonprofits Versus Investors
HUD, Fannie Mae and Freddie Mac all have an initial period of time where they will only accept offers from either certified owner occupants or nonprofit organizations.
It is illegal to attempt buy a home as an owner occupant if you are not an owner occupant. If you own investment property in your name, or in the name of an entity you control, you will likely not be considered an owner occupant buyer. The penalties can be substantial and not worth risking.
Your Buyer Agent Can Make or Break You
The best REO agents have detailed knowledge of what is on the market regardless of who has them listed for sale. These agents tend to have great working relationships with other REO agents and can represent you when you wish to purchase a property.
This article was prepared by Winston Rowe and Associates, you can review them online at https://www.winstonrowe.com
Winston Rowe and Associates