foreclosed-faq

Foreclosure FAQ

What is the difference between a foreclosure, short sale, bank
owned, REO, auction, sheriff sale and distressed sale?

Click here to read about the various stages of foreclosed homes and
what it takes to buy at each stage.

How do I make an appointment to view a property?

Contact us to make an appointment.

Please remember, we require that before we show you properties, you
MUST have a pre-approval letter by a lender or have a letter of verifying
funds, if you intend to pay cash. Click here for a free mortgage pre-
approval.

Can I inspect the property prior to making an offer?

Of course. Not only can you view and inspect the property prior to
making an offer on a Bank Owned / REO or Short Sale but once an offer
is accepted, you will also have the right to hire a professional home
inspector.

What condition are the properties in?

It’s commonly assumed that any foreclosure must be a bargain and an
opportunity for easy money and quick equity. This simply isn’t true. You
have to be very careful about buying a foreclosure if your intent is to live
in it or even make money with a quick sale.

While it’s true that the bank is typically anxious to sell it quickly, they are
also strongly motivated to get as much as they can for it. When
considering the value of a foreclosures, you need to look closely at
comparable sales in the neighborhood and be sure to take into account
the time and cost of any repairs or remodeling needed to prepare the
house for resale. The bargains with instant equity potential exist, and
majority of people do very well buying foreclosures but you also have to
be careful not to get burned. Your Blue Fence agent and Home Inspector
can help guide you through the entire process.

Remember you should ALWAYS have a professional home inspection on
any property you purchase. The home inspector can give you an idea of
what repairs will be needed.

Can I get a mortgage on the property?

Yes. While cash offers get priority, you can get financing for a bank
owned / REO or a Short Sale.

How much of a down payment do I need?

If the property qualifies for FHA financing, you can put down as little as
3.5% of the purchase price. Ask your Blue Fence agent if a property
should qualify for FHA financing.

Contact Us or your Blue Fence Agent if you have any additional
questions.

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