No News Good News

Waiting is so hard!!! With so many foreclosures on the market, and the values being so good, it's a smart move for buyers to consider them. Although some have problems such as destruction caused by angry people losing their home, or everything taken out including the kitchen sink (I'm not kidding!), many are in fine shape.

 I have placed an offer for a client on a bank owned property a little over a week ago. We are still waiting for the verdict. My client did not have the only offer. Nerves of steel are sometimes a requirement when working with bank owned properties.

It will be well worth the patience if things go their way, but the waiting is so hard!! There are phenomenal deals out there so the wait can be worth the agony.

 Some banks will respond to offers quicker than others. It is important to work with a Buyers Agent who is experienced in foreclosures. There are issues that could cause problems when it comes time for the appraisal. An experienced Buyers Agent will be able to alert you to the potential problems. For example, a cooking unit is required when financing with an FHA Mortgage. If there is no range, plans will have to be made ahead of time.