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Top Five Tips for Buying a Foreclosed Home

By Stacey L. Bradford,
Associate Editor, SmartMoney.com

RIGHT NOW, IT’S anyone’s guess when the housing downturn will finally hit bottom. But if you’re looking to buy a home now - and plan to stay in it for a while - there are plenty of bargains to be had on a foreclosed property.

Banks are often willing to sell foreclosed homes for up to 20% below market value just to get these troubled properties off their books, says Rick Sharga, vice president of marketing for RealtyTrac, a web site that lists foreclosed properties. With foreclosures at an all-time high in the past year, there’s no shortage of these opportunities to pursue. However, prospective buyers should know that closing on that super-cheap distressed home is often a lot more …

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LifeChanging Stories

I really enjoy your email every week. I took your seminar at the board here for short sales & I closed 2 of my listings, getting both sides, I have an offer in another one, it’s taking longer… I had also 1 short sale approved by the bank at 6% comm. but it did not close because the buyer was denied financing, I had also both sides…
Thank you for your help!

Liliam Detore, Realtor

That was the absolute best seminar I have been to in two years! Very good information.

Roger Kincaid, RE/MAX Realty Experts

Recent Blog Posts

She’s Just Lucky…That’s Why She Has So Many Closings…

Do you believe that’s actually what someone said about me?!?!?

I couldn’t believe my ears when I heard that, I started laughing uncontrollably!

I see 3 different types of agents in the field right now…

First: those that sit around and hope something happens
Second: those that go out and make something happen, and
Third: those that wonder what just happened!

Let me explain my self, and I’m actually going to lump 1 and 3 together.  This morning I was at a closing at a “Traditional” real estate office, and since I was running a little early, I sat in the lobby and “observed” the activity.  You know those little vacuum robots that go in a straight line until they hit a wall or furniture and then they change direction …

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2 cool resources I just found

I’ll keep this short and sweet today…

I’ve been coming across several resources that I’m going to be using in my business, so I thought I’d share some of them with you!

Today’s 2 are:

FIRST:  A link to a self-analysis of whether you have “Chinese Drywall” in your home.  It asks several yes or no questions and also has good pictures of “normal” and “problem” systems.  (this would be a good link to send out to your farm list)  CLICK HERE

SECOND: By now, I KNOW you’ve heard of loan modifications, and you’ve probably been approached about doing them as a business, the problem with that is most of these companies charge THOUSANDS of dollars in fees, AND they are very controversial (whether they’re legal or not, …

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