I thought it would be very good opportunity for ourselves to summarize what we learned from our experience in dealing with Foreclosure Property.
1. Foreclosure is not quick deal. It could take long time if you do not approach right.
2. Foreclosure is not simple deal. You may face multiple offers which complicate the offering process and it cause you to take more time.
3. Foreclosure is not necessarily price driven game. You may need to think about contents and quality of your offer in the way bank likes. Although I had an impression that we could offer lower than listed, it may not be the case.
4. Foreclosure requires additional process of inspection. Buyer can skip this process, but the buyer may end up facing bigger problem. So, buyers are usually careful. This means more cost and time factors for buyers.
5. Bank owner offers houses "as is". Even you find damage on the property, the owner bank will neither repair nor discuss about pricing even buyer found damages.
6. Foreclosure needs repair of the property for buyer to live in. Buyer needs to access the cost and time for the repair.
If you are an investor on foreclosure properties, these points must be kept in your mind. If you are a buyer, you may hope to take your time to plan schedule and assess risks and costs of the deal.
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