Considering Buying a Foreclosure in Southern Oregon?
Lets talk about foreclosures. Also knows as Bank Owned, an d REO(Real Estate Owned) sales.
I tell clients that are purchasing foreclosures that it is more tricky than a conventional sale, but it can be financially worth it, so many people push through some of the unique challenges in foreclosures to enable an attractive purchase.
You absolutely must be preapproved to write an offer on a bank owned foreclosure. If you are paying cash, the bank will require proof of funds before they will even review the offer. It is incredibly important that you are working with a capable and knowledgable lender. I cannot stress how crucial your lender is in getting your sale closed.
Some banks require that a home be on a market for 2-3 days before they will review offers. They do this because it allows for more competition, but it also minimizes the risk of the listing agent selling the home before it goes through MLS. This allows for buyers to work with the Realtor of their choice!
Listen to your Realtor. If you are not sure your Realtor is qualified to give you solid advice, work with a different Realtor! This is a huge investment. A good Realtor can not only help you determine a good value, but they can help you determine your best sales type, your best location for purchase, and prepare you for bank requirements so you are in the best position to get your offers accepted.
Be prepared to handle the small stuff. If you want a bank to make repairs for you, your going to have limited success. If something may hinder the home from being financed, the bank may consider making the necessary repairs. Your Lender and Realtor can help you figure out if a home will work with a particular financing type. This will save you time, heartache, and money!
Your Realtor can also provide a list of foreclosure homes that are active on the market. Our MLS does not make the fact that a home is a foreclosure public knowledge. However, we have additional functionality to search only bank owned homes. http://www.landlinerealestate.com/REOs__Short_Sales/page_2128927.html
The link above will take you to the free list of foreclosures on my site. This report includes both Jackson and Josephine County foreclosures.
If you want to buy a foreclosure, it is imperative that your Realtor pay full time attention to the market. They need to be watching the MLS for you, so when your perfect purchase hits the market, you know about it quickly!
If you have questions about buying foreclosures, we are happy to help.