Don’t give up if you still want to get in on buying a good foreclosure deal. The window is still open. There are still some good deals even though the selection is almost half of what it was last summer. The latest Foreclosure Reports in Clarksville for January to March 2015 explains the market changes.
The first step is to not try to do it on your own. There is a technique and it takes an experienced agent to navigate through the process and let you know when it is time to let it go. Not all agents know how to submit offers on foreclosure properties. These properties are unique and many of the banks require their own paperwork with every “i” dotted and every “t’ crossed. Here are a few tips that will get you closer to being successful when submitting your foreclosure offer.
- Get a pre-approval letter. Even better if you can plan to pay cash and get a proof of funds letter before you make an offer.
- Don’t show your whole hand. If you are submitting an $100,000 offer, show a letter that covers $100,000 or a little more. Do not show your entire qualifying amount.
- It is okay to offer over the list price. Many properties are worth more than they are asking. If your offer is too low, you may never get another chance.
- Keep it clean. Don’t ask for closing costs or repairs. The seller is looking for the highest net.
- Most Foreclosures will allow you to conduct a home inspection within 5 to 7 days. Be ready to do this as there are no extensions.
- Be ready to close fast. The seller wants their money and knows waiting increases the chances of failing to close.
- Respond promptly if you get a counteroffer. It may be your last shot so make it your best offer..
- Turn in the contract paperwork on time. Delays can cause you to lose your place and it go to the next bidder.
- Use cashier checks for your earnest money funds and make them payable to the title company.
Has the Window Closed on Good Foreclosure Deals In Clarksville TN?
Listen to the agent’s advice and work as a team. You won’t win them all and frankly you don’t want them all. Some are best left alone. You just want the ones that can be fixed up, stay in your budget and will be good investments.
Debbie Reynolds, Clarksville TN Real Estate Agent, has sold hundreds of Foreclosures Properties in Clarksville TN. That kind of expertise only comes with years of experience working closely with asset managers and banks.