Make a Successful REO Purchase


In Realtor Magazine I found an interesting poll…

Have foreclosure freezes or processing problems affected your sales?

 70% of people said yes. Are you one of them?

Do you have any tips to prevent this from happening? Here are some I can come up with: 

  • Have the proof of funds! If your buyer doesn’t have the money to close, it may be best not to make the offer at all. And CASH is still preferred.

 

  • Refrain from asking for an extension on closing. If you don’t lose the deal you most likely will incur financial penalties.

 

  • Make your buyers clear that most property will be sold “as is” and may require thousands of dollars in repairs that they will be responsible for – not the sellers or the bank. Also let them know that you can’t expect complete property records. This will prevent any surprises in the process.

 

  • Know all of your lenders conditions up front to avoid scrambling for documents and signatures last minute. Pay attention to Condo certs as well!

Competition is high, so coming out as the chosen buyer can be tough. But with patience and persistence you can find your buyer that perfect REO home. 

And thank you for making me Your Orange County Real Estate Specialist!

Best Regards,

Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GRI GREEN

2007 President, Orange County Association of Realtors

www.michaelcarusorealestate.com

949-753-7900

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