foreclosed house ormond beach fl.how does it work what are the expenses. looking foreclosure on web.thank you jan e mail.roadworthy@lantic.net.

Asked by Roadworthy, New York, NY Sun Jan 26, 2014

im from south africa.

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5
Phil Hanner…, Agent, Port Orange, FL
Mon Jan 27, 2014
One of the biggest expenses is doc stamps on the deed. FNMA is exempt by statute from paying this tax. The buyer pays it and it is roughly $700 per every $100K of purchase price. Make sure to read all the contract addenda that banks attach to all contracts on REO and pre-foreclosure properties.

Find an agent that knows foreclosures. You must be ready to move quickly if you find a deal. Proof of financing must be in your agents hands when the offer is made. If you found a great deal, others are going to find it too. You have to tie the property up before multiple offers come in. How your offer/counter offer strategy in place before you write the first offer. Banks counter fairly quickly on REO - not so quickly on short sales.

The biggest expense is moving too slowly. As an old investor mentor of mine says, "You can't steal in slow motion."
0 votes
Michelle Cec…, Agent, Ormond Beach, FL
Mon Jan 27, 2014
The foreclosure market has tightened up so you won't find as many available. They work the same as compared to a regular sale in terms of expenses. Don't forget to keep an eye on regular sales too, you can miss a good deal. Let me know if you want to receive daily listings from our MLS via email so you can watch the local market.
0 votes
Lynne Moore, Agent, ormond Beach, FL
Mon Jan 27, 2014
foreclosures are the best....short sales if you have the time can be good but are not reliable. Due diligence on your inspections and come in really close to asking price .
0 votes
Elliott Hago…, Agent, New Smyrna Beach, FL
Mon Jan 27, 2014
I would love the opportunity to help you negotiate the best terms with the bank. Before we do that have you the homes in the lists? These are some of the best deals in town. Have a look via the web reference. From there, please contact me at your earliest convenience to strategize. 386-690-6546
0 votes
Skip Stamper, Agent, Ormond Beach, FL
Mon Jan 27, 2014
Bank owned foreclosures are very similar to a conventional sale as far as costs. The process and contracts can be different especially if it is a fannie mae property. They will provide a clear title and title Insurance policy at closing but do not provide a sellers property disclosure. Get the home thoroughly inspected by a licensed home Inspector.
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