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What To Know When Buying A Foreclosure: Part I

By: Ryan O'Neill

They are buzz words of our real estate market across the entire country: foreclosures! As a real estate buyer in today's market, below are some tips for you to consider when looking to purchase this type of property.

First of all, there are often times multiple offers on the foreclosure or REO (Real Estate Owned.) Does your real estate agent know how to make your offer stand out in a multiple offer situation? Perhaps you need to put down more earnest money, keep the closing date flexible, remove contingencies, and offer the best possible price you can. Doing these items will not guarantee a buyer that he or she will get the home, but it certainly will help out.

Second of all, there are often times few disclosures. Buyer beware! Have your agent again find out as much info on the property as possible, but realize disclosures are often times at a bare minimum.

Third, you will find that getting any sort of a response from the listing agent can be next to impossible. Nearly all of these high powered REO agents are completely swamped with the hundreds of MLS listings that they have on the market. Trying to get a voicemail or email returned can be frustrating.

Fourth, your home inspection may not show any and all problems with the home. For example, were you able to do a full home inspection? Depending upon if the home was winterized, were you able to test the plumbing, air conditioning and heating units? Again, your home inspector will do the best job he or she can no doubt. But you just never know if there were any underlying issues that did not come out in the inspection.

Lastly, make sure your agent knows how to "navigate the waters" of an REO transaction. Are there any inspection reports? Has the time of sale inspection been done by the city inspector? Has the bank agreed to do any of the work on the property? Has the bank agreed to fix any particular items prior to closing? Having an agent who knows the ins and outs of this type of transaction can save you as a buyer, oodles of time and frustration as well.

These five items are important items for real estate buyers to understand. They will make the process of buying an REO a more smooth transaction for everyone involved.

About the author:
Ryan O'Neill is a licensed agent with RE/MAX Advantage Plus. As the founder of The Minnesota Real Estate Team, Ryan and the team help clients buy and sell Minnesota Real Estate and Minneapolis Homes for Sale.

More Finance information like Ryan O'Neill's at Credit-Voitures.com

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