The Best Deal In Town?
Posted under: Home Buying in Duluth
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March 16, 2009 6:46 PM |
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I was prompted to write about the best deal in town after a trulia question where the buyer stated that Auctions where the best deal. In some cases they be, but here's my brief break down on them.
- You've got REAL foreclosure auctions held at the county courthouse steps, which require cash (cashier's check) to make the bid.
WHY? - Can sometimes find a gem of a deal. The bank likely knows less than you and the other liens will "drop" off.
WHY NOT? - CASH! You often can't inspect the inside. It's more common to see Foreclosed properties that go back to the bank appear on the market for less then the foreclosure auction start bid - AUCTIONS by Third Party Companies - These are held at various tent
events or sometimes at the property. Often these auctions are bulk
buyers who bought as part of a hedge fund. They usually get these for
around .20 on the dollar. They then mark them up to .50 on the dollar
and sell them.
WHY? - Could be a great find. No cash required. Bypass somewhat cumbersome foreclosure and short sale process. Flexible terms sometimes.
WHY NOT? - Not always market ready. Sometimes overpriced. Often over-hyped. Sometimes hard to find - not enough inventory.
- Post
Foreclosure- Foreclosures - What people generally mean when they say
they will buy a foreclosure. They can be HUD homes, bank owned, REO,
Freddie mac and Fannie Mae. They all have little wrinkles.
WHY? - Flexible financing for the most part, very traditional (now) - plenty to choose from and more every day. - Short Sale - Pre-foreclosures - These are often the BEST DEALS hands down that I have ever heard of.
WHY? - Growing and plenty of inventory. Often the bank will give you a better deal than lose a ton of money on the foreclosure process.
WHY NOT? - Long tedious negotiation process with the bank.
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