This is a first for me. It's June and since February, I now have four clients purchasing foreclosure homes. While great deals are definitely out there, quite a few issues can arise.
Most of these properties are sold As-Is so there isn't any room for the seller (usually a bank or mortgage company) to make repairs. They just want the thing sold without much hassle. It's a lot of work for me because the contracts need to be pristine and the buyers have a lot to consider as well. Repairs, time of possession, lender approval and the always adventurous, multiple offer situation. You are sometimes bidding against three or more other offers. It's a game, that's for sure!
3 months ago