Was told foreclosure is fastest vs short sale and cheapest. If I want to buy cash Where are info to contact bank directly? or how to proceed

Asked by Nadia, Deerfield Beach, FL Fri Sep 7, 2012

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Annette Lawrence’s answer
Annette Law…, Agent, Palm Harbor, FL
Sat Jul 26, 2014
Question posted Sept 2012.

Foreclosures are offered for sale by real estate brokers.
You should and will need to work with a real estate agent to present a purchase offer.

You can call the bank directly if you want to open a checking account.

Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Mon Sep 10, 2012
Short sales may take up to six months or more. Foreclosures are ready to sell and the Banks love to sell their properties as soon as possible.
Is better for you to contact a realtor that can represent you and assist you with the process.

I will be glad to help you, when you are ready.


Maria Cipollone
3 votes
Robert Paque…, Agent, Bayside, NY
Fri Sep 7, 2012
Depending on factors such as the particular financial institutions foreclosure processes, foreclosures are easier to close. For either a Foreclosure of a Short Sale, you typically get a great price but, you assume the risk that the home won't close and the deal can be pulled at anytime (even up to closing day). Clear title may be an other issue depending on how it's offerred. With eith you can have multiple offers.

Foreclosures, present only 2 parties during the decision process. The bank has does have incentive to sell. For these reasons forclosures may be easier.

Short sales, have 3 parties (seller, bank, and the buyer). More parties, less fun. What happens in Short Sale is that the the bank and the seller enter into an agreement to sell the home at a lower price to prevent a foreclosure. However, the bank will want to try and recoup their loss. If at anytime they feel they can get a better price, they will pull the deal.

If you have patience and strong constitution you can try either of these buying methods, but I do recommend hiring a Buyers Agent to help smooth process and handle most of the detail.

Hope this helps you understand a little more.
1 vote
Lucero Leirv…, Agent, Plantation, FL
Mon Sep 10, 2012
Hello Nadia.

Foreclosure process:
The seller-bank receives many offers, and the best offers, the bank will consider.
When the buyer provided to the bank an offer; the buyer should have in consideration that his or her offer is not the only one. Therefore, the buyer must meet the requirements that the bank requires.
Pro example, buyer must show that he or her has the money in the in the bank in The United State, or buyer has been approved by financial identity for loan.
You need to give this information to your realtor because your Realtor will do the paper work to send to the bank.
Please feel free to contact me,

Lucero Leirvik
Exit Metroquest Realt http://yWWW.Lleirvik@metroquest.net
0 votes
Tamika Moses, Agent, Pembroke Pines, FL
Sat Sep 8, 2012
Hi Nadia,
Foreclosures are fast since banks are trying to get properties off their books. If you are purchasing with cash it will close faster than doing a traditional purchase with financing. I can help you find a great buy so you can contact me and we can discuss your options and price range. I look forward to hearing from you.

Thank you,
Tamika Moses
Keller Williams Realty Partners SW
0 votes
Mike Sullivan, Agent, Gainesville, FL
Fri Sep 7, 2012
Foreclosures are definitely faster than a short sale, and generally you can save a buck or two on the initial purchase price......banks will list through a realtor (and pay for their services), best way to proceed is to contact a local realtor...if looking for HUD homes, be sure the realtor has access to these properties. Another factor to recognize in the purchase of a foreclosure, these homes are oftentimes not 'loved homes' and require more work to get to a move in condition....of course there are exceptions to everything. If you need a referral to a qualified realtor in Deerfield, feel free to let me know, I would be happy to assist you.

Hope this helps!
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Fri Sep 7, 2012
A foreclosure most likely will be quicker for you to purchase than a short sale however you can not deal directly with the banks. The banks will list the foreclosed homes with licensed real estate professionals to represent them. You need to hire a licensed real estate professional that is familiar with foreclosures to represent you. The bank will pay your agents commission so you get representation at no cost to you.
0 votes
Lucero Leirv…, Agent, Plantation, FL
Fri Sep 7, 2012
for more informtion please log on
0 votes
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