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Advantages of Buying Foreclosures

ForeclosureForSale wide Advantages of Buying Foreclosures

A new real estate joke making the rounds is “Short Sale or death – which do you think will happen first?”  Tampa Bay Realtor® Rae Catanese tells why she recommends clients consider bank-owned properties over short sales.

“Homebuyers tell me they ‘only want to look at short sales.’ My initial response is why?
Short Sale Disadvantages

The question today is a short sale worth the months of waiting just to find out that the seller’s bank isn’t going to accept your offer?

The loss mitigation reps have hundreds of cases assigned to them and are paid on performance. A ‘kick out’ price is determined by a supervisor and the loss mitigation rep is given a monetary incentive to get anything higher for the mortgage

It is an enormous frustration to investors doing short sales when lenders take months to make a decision and just don’t seem to care.

Advantages to by a bank-owned property versus a short sale

1. Bank-owned homes can close quickly! 30 days on average.
2. Banks are motivated to move the property and some our offering some great incentives, including closing costs assistance.
3. If you are going to use the home as your primary residence, the First Look initiative gives homebuyers 15 days to buy Homesteps® homes without investor competition…”

Click here to read more blog posts by Rae Catanese.

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