While experience is preferred in most things, buying from a bank is not much different then buying from a private party. Just the emotion has been removed from the seller side. If you have a good agent, they can get it done for you.
Answer your question:
1. Foreclosure isn't a complicate procedures, but there different then regular sale, there are use different contract form and some condition are different.
2. You do need an agent to representing you, not necessary the "foreclosure expert" but it is important to have a GOOD AGENT.
3. purchase foreclosure not necessary all cash, unless the sale is "CASH ONLY", it is very fast process no waiting time.
Doral Isles is a very beautiful place, I am living in Doral Isles and I love it. but Doral Isles rarely has foreclosure, and there is one it will not last long.
Real estate agent
Sure you can buy with a Mortgage, provided there are not Multiple Offers, that are not all cash.
If the market in Dorval is seeing Multiple Offers and all cash, then that is the way to go.
Not a must, you can always go in slightly higher with a loan and close fast.
You need a Realtor who has Bought and Sold homes, and does the right inspections for you
and works the contract, and the Bank's agent, while protecting your rights.
There are foreclosures becoming available soon in Doral Isles. What you need is an area specialists first and foremost, it comes hand in hand with experienced Realtor's.
The foreclosure process can vary from bank to bank. They all have their own systems and criteria in place. Oh! Cash is always king, but yes, financing will work. Normally, foreclosures close in less than 45 days.
I hope this helps.
All the best,
With a foreclosure specially, you need to make sure all your i's are dotted and your t's crossed.
Your agent has to stay on top of it and make sure everything is done in a timely manner.
A Good Realtor. That is your primary need!
Right now there are 58 properties actively for sale in Doral Isles, of which 55 are regular sales, and only 3 are short sales (owner owes more than the property is currently worth.)
This market has a lot of competition from all cash buyers, but it is still possible to buy using a mortgage. Right now, there is a lack of inventory, and it seems there are 10 buyers for every property on the market. Therefore, my suggestion would be that you avoid seeking the best "bargain" as you will likely lose out to those cash buyers. Concentrate on a regular sale, and you should be able to 1) actually get the house, and 2) close in a reasonable amount of time (less than 90 days).
Right now, prices are creeping up, and I believe interest rates will start to do the same. If you can afford to do so, buying now makes sense!
Keyes Real Estate
The best advice on a bank-owned property is to come in at your highest and best, unless the property has been sitting on the market forever with no activity. The process may take from few days (once the asset manager accepts the offer to 60 days-usually 30 days closing for cash offers, 60 for financing.
But it may vary depending on a foreclosing lender.