Buyers are scrambling to get a piece of the exploding bank-owned foreclosures market, but most don’t know how to get an edge on the ever-increasing competition. If you want the powerful, must-have strategies to get the best value on a bank-owned foreclosure, look no further than my Top Five Insider Secrets:
1. Work directly with the bank’s listing agent. Banks hire professional listing agents, like myself, to sell their foreclosures. Working with a bank’s listing agent plugs you into critical information you can’t get anywhere else.
2. Use the bank’s financing. The longer a bank hangs on to a foreclosed home, the more money they lose. They want nothing more than to cut those losses, making them more likely to accept offers from buyers who finance through them. When you use the bank’s preferred lender, you accomplish two goals at once: First, banks are more assured that you can close deal because they have pre-approved you themselves. Second, banks recoup money on their losing assets when they issue new loans for them, motivating them to provide you with a better value.
3. Close escrow by the 25th of month. Asset managers are often responsible for selling up to 80 homes in just one month. Their bonuses hinge on those sales. Accepting an offer by the end of the month—even a less than optimal one—helps them meet those goals. Take advantage of that motivation.
4. Pay 100% cash. Doing so removes a major obstacle—the financing contingency. Paying all-cash saves time, eliminates unknowns and greatly boosts your likelihood of closing.
5. Buy the property “as is.” Avoid asking for repairs and inspections (termite, etc.). Banks are significantly more attracted to “as is” offers because they’re faster and easier.
Click here to get VIP access to my exclusive list of bank-owned foreclosures—BEFORE they come on the market.
Sincerely,
Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com
