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Rent vs Buy in 14215 : Real Estate Advice

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Sun Aug 8, 2010
Liz Wilbert answered:
Refarding 230 Potomac, Buffalo, NY - The seller has been facing foreclosure since the end of her last listing period over a year ago. Pursuing a foreclosure is unlikely to be successful for you as the bank will want a quick closing which you are unable to provide, plus they never grant a pre-occupancy or rental agreement during the foreclosure process. Buyers often think they will get a "better deal" if the property is facing foreclosure, but it's important to acknowledge that the bank will be looking to transfer the cost of the search update, survey update and often the transfer tax fees (usually paid by a seller) onto the buyer to pay, resulting in thousands of extra dollars needed upfront from the buyer. Feel free to contact me directly to discuss what grant money or community programs might be available for your target area(s) that will allow you to purchase a home sooner rather than later. ... more
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