The First Step To Buying Foreclosures
People who have never bought foreclosed properties before might have no idea how to start
. The whole process of buying foreclosures can be confusing and daunting and if the buyer has never done it before, he could lose out on the property he wants to buy, or worse, lose some money.
Getting Preapproved for a Loan
This is definitely the first thing that a homebuyer should concern himself with, even before he identifies the property that he wants to buy. The thing about loans is that they can take a long time to secure and the process and documents involved in the pre-approval require some time to be completed.
Homebuyers should get preapproved first before they go shopping for homes. If they look for a home without any loan package on the ready, there is a good chance that they will lose the opportunity to purchase the property they like.
The primary reason is that foreclosed properties are quickly taken out of the market by buyers because of their cheap prices. Another reason is that a seller will not entertain any offer unless the buyer can prove that he has the means to be buying foreclosures in the first place.
Finding a Real Estate Broker
To make sure that they are aware of what properties are available in the market, a buyer should look for a reliable broker. Most property brokers have long-time association with banks that specialize in selling foreclosures so it is to the buyer's advantage to find one of these agents or brokers. In most cases, brokers that have direct associations with banks that sell foreclosed homes would know about properties even before they appear on certain listings.
If a buyer can find a broker who is foreclosure market-savvy, he can try to convince the agent to let him know in advance if any home in his price range and preferred style will be offered in the market before they even get listed. This way, the buyer can prepare an offer ahead of everyone else and iron out details for a potential purchase.
Buying foreclosures is an entirely different process from buying new residences. Preparing the offer alone can take a long time. Getting a pre-approved loan and securing the services of a reliable broker can go a long way towards making the activity a bit easier.
by: Joseph B. Smith
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