Foreclosure Secrets Revealed

Archives by Tag 'banks'

What is an REO?

In Real Estate there is an old saying….everybody needs a place to live. Whether it be in a rental, a home you own, manufactured home, or trailer we all need somewhere to lay our hat. Because of that there are always ways to make money on properties no matter what the economic environment. Right now [...]

Pre-Qualified what does it mean, how do I get it?

Pre-qualified is very important when putting in offers on foreclosures. Pretty much all the banks require you to have a pre-qualification letter from your lender in order to put in the offer. If you are paying cash you need to have proof of funds, like a bank statement, or a letter from your bank saying [...]

The Escrow Month, inspections, contingencies, and earnest money.

Ok so now you have an accepted offer, now what? Now you begin the Escrow time, usually a month, which is the time to get everything set up so the property can close. Hopefully as smooth and as on time as possible. It used to be we would start with inspections, now though, we tend [...]

Final walk through inspection

Before you go to the closing table you will have an opportunity to do a final walk through inspection. Which just means you can go through the house and make sure it still has everything you wanted, and nothing you didn’t. Buying a foreclosure will greatly limit your ability to request the sellers to do [...]