I don’t think foreclosures (REO’s) are for everyone. It takes a special kind of Buyer to have the patience and the stomach for these types of purchases.
• Someone else's headache. Do you really want to walk in the door to someone else's repairs and deferred maintenance? YOU will have to pay to fix it up! Do you have the tolerance for that?
• Professional Investors. Cash investors can close FAST (3-10 days). And there are lots of cash investors competing against you!
• Difficult to Finance. Banks don’t want to lend you money to buy a home that isn’t habitable! Yes, there are special programs to assist you with renovation money, but those are more difficult to qualify for.
If you don’t have the tolerance for Foreclosures or Short Sales here’s my advice:
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
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