Bank Foreclosure Property….. Are the homes in good Condition
Not all of them….. some will need repairs… If repairs are needed… Please keep in mind, if you are intending on getting a loan… you will need to insure that the loan will accept a home that is selling in AS IS condition… allowing you to do repairs after closing…. There are some bank foreclosures that are on the market that need little repairs and can qualify for loans… When you see a bank foreclosure or anyhome for that matter that is on the market for $50, to $70,000, in an area that ususal has a market price between $160 to $280,000……. That should give you an indication that that property will need structual repairs…524 West Hampton Street
You may also need to remember that almost all the bank foreclosure companies will require Proof of funds or a Pre-approval letter from your lender…. This means…. Proof of Cash totalling the amount of your offer…. or Pre- approved letter, totalling the amount of your offer contingent upon an appraisal only (for AS IS properties) or a pre-approval letter contigent upon appraisal, termite letter, or repairs requested (if buyer requests— for REPAIRED PROPERTIES)… A pre-approval letter should never be contignet upon buyers credit application, varifications such as employment or rent, submission of documents (other than an executed sales contract)… Call me for further details… or email me….. at homes2buy@msn.com
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