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!