6. Taking no prisoners. While buyers can certainly get good deals on foreclosed homes, it's a mistake to assume that banks will accept any and all offers. (Unless, of course, the listing specifically says so.) Banks aren't set up to sell houses, so they typically outsource their foreclosed properties to real estate agents, McGee says. In such cases, agents can receive listings in bulk, perhaps 50 at a time. While these agents want to get the properties sold off quickly, they also want to get a good price for the seller so that the bank will give them additional business in the future. "Saving face is important for them," McGee says. "A lot of people just assume that because this property is bank-owned they will just take half off. Well, that's just not true." As such, insultingly low offers have the potential to tank the negotiations over foreclosed homes, McGee says. So make sure you present your wholesale offer case well both in writing and verbally with the listing agent.
The Top 6 Mistakes of Foreclosed-Home Buying
Experts outline common pitfalls to avoid when attempting to purchase foreclosed property
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Godfrey Mann of WA @ Nov 10, 2009 21:23:55 PM
sallsburys of DC @ Nov 02, 2009 17:52:08 PM
Tate of GA @ Apr 28, 2009 20:22:27 PM