REO's and Foreclosures - Think they could possibly be for you?
I just sold and closed two foreclosures recently and the two sales couldn't have been more completely opposite! One needed work (203k) from head to toe - you know the kind you hear about where the seller decided to cut parts of the furnace out of the unit! The other was fabulous with a remodeled kitchen and 42" maple cabinets. That one needed painting and new carpet but needed minor TLC. It had the best location backing up to a pond!
What did these buyers both have in common?
- They weren't afraid to get their hands dirty and do some work for future equity!
- They had to be flexible with all the paperwork delays!
- They were pre-approved and knew exactly what they could purchase and didn't go over their budget!
- They asked lots of questions thruout the entire process which made them comfortable with the scenarios and with their purchase!
- They kept a positive attitude thru the entire transaction!
Interested in purchasing a home in the Northwest Suburbs? Please don't hesitate in giving me a call so we can get started right away!
203K FHA Rehab Loan
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Is it FHA Approved?
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What is a Buyers Agent?
What did both buyers have in common?
Lyn that is the key. Flexability and patience
Congratulations, Lyn. I think you probably should have listed the last commonality first. A positive attitude can get so much accomplished in this world.
Lyn - Buyers who can recognize such deals can truly profit from their labors. I started that way 4 decades ago.
Thanks Bill!
Jim: It really helped them get thru some severe up's and downs. Now they're happy!
John: Elbow grease = equity = $$ In the one instance it was paint!
Lyn,
Sometimes I scratch my head when fellow agents criticize REOs - both as listing and sales. Like you, I think there are some wonderful opportunities for the right buyers. And you help ID those buyers.
Irene: Well I don't see anything wrong with them other than the previous owners didn't pay on time? They are not for all buyers if you don't know the difference between a nail & a screwdriver! There are 'varying degrees' of work involved & you have to be sure of your capabilities. OR, know when to hire someone 'with' the capabilities. Jack of all trades - master of none.