Now that the market is making a comeback, there seem to be fewer foreclosures in our area than there used to be. Some deals can still be had, however. Here are the crucial things you must do in order to snag a foreclosure home or get a deal on a short sale home!
1. Make sure you are pre-approved for a loan (or are paying cash). Foreclosure banks and short sale negotiators lean toward an all-cash deal or a deal with a solid buyer who has been pre-approved.
2. Study the sales prices of the homes in your area and make sure you make a reasonable offer. Lenders are willing to negotiate a little but they are not in the habit of letting these properties go for only pennies on the dollar!
3. Search for good deals on a reputable site. Many times real estate sites offer homes that are no longer even for sale!
4. Be prepared to wait! Especially for short sales. These can still take from two to six months to complete.
5. Remember the sale is "as is". Don't expect foreclosure or short sale homes to have repairs done that will most likely be needed. (that is why you are getting a good deal!)
If you decide to go this route, you can still snag a good deal. However, don't over-look other good buys such as estates and just plain super motivated owners. In these situations you won't have to go through so much red tape and you could also pick up a very good buy!
Try our site: www.LongIslandHomesList.com to search for recently listed Foreclosures & Short Sales!