Welcome back toCrye-Leike Insights! Each week, we share tips, stories, and wisdom from our Crye-Leike family. This week,Kim Hairrell from theCrye-Leike REO Division joins to give us some advice and tips for buying a foreclosure.

Purchasing the Foreclosed Property

  • Cash Offers - You must get a proof of fund from your lender.

  • Loan Offers - Make sure your lender knows that you are purchasing a foreclosed home and that the repairs will not be done by the seller. You will have to specify that these will be completed after closing.

Making Your Offer Stand Out

  • Foreclosed homes are aggressively priced... usually resulting in multiple offers.

  • The Bank is looking for the best net offer.

  • Things to make your offer look better: cash offers, no closing costs, no concessions, shorter inspection periods, shorter closing periods.

Inspections for Foreclosed Homes

  • All foreclosed homes are winterized in the winter. They must be de-winterized before inspection. Ask in your contract to have the seller pay for the de-winterizing.

  • Sometimes, utilities can not be turned on for inspection. Talk to your inspector on how to handle the inspection.

Crye-Leike's REO Division is here to help you through the whole process of buying a foreclosed home!
More About Foreclosure Property Services

The Crye-Leike REO Division works directly with banks, mortgage lenders and asset management companies to assist in the sale of their bank-owned properties. The division also works with families in financial distress to help them sell their properties before foreclosure becomes the last resort, as well as assists local investors in finding foreclosed properties available to rehab or rent.