Why FORECLOSURES?
Buyers - why are you looking for foreclosures?
I know, the answer to that question should be obvious, but I must admit I'm very curious.
When looking for foreclosures do you want:
1) A house that will be auctioned on the courthouse steps?
2) A house that's already been foreclosed on and is now a lender-owned property (REO)?
3) A house where the seller is in default (but it's not in foreclosure yet)?
4) A house where the seller is having trouble making the paments and is upside down on the mortgage - thus necessitating a short sale?
I'm just curious because while some of these scenarios can mean a super deal for a cash-in-hand investor, some others can mean MOUNTAINS of red tape for a deal that's probably not as good as a really motivated seller who has a ton of equity in his house and that's not behind on his payments.
I'd love to get some input here - from buyers and also from agents working with clients who are insisting on buying a "foreclosure".
When looking for foreclosures do you want:
1) A house that will be auctioned on the courthouse steps?
2) A house that's already been foreclosed on and is now a lender-owned property (REO)?
3) A house where the seller is in default (but it's not in foreclosure yet)?
4) A house where the seller is having trouble making the paments and is upside down on the mortgage - thus necessitating a short sale?
I'm just curious because while some of these scenarios can mean a super deal for a cash-in-hand investor, some others can mean MOUNTAINS of red tape for a deal that's probably not as good as a really motivated seller who has a ton of equity in his house and that's not behind on his payments.
I'd love to get some input here - from buyers and also from agents working with clients who are insisting on buying a "foreclosure".
CALL Teresa Penner 310.849.3930 or EMAIL CanyonAgent@aol.com
Buying a home in Topanga or Malibu is an exciting time in one's life. Making the smart move of choosing a REALTOR® is your first step to ensuring that your new home and community meets your needs. My services and experience range from financial aid to helping you find the home that best suits you and your family. For your convenience, I also provide listings by email. I pride myself on repeat business and hope you'll come to understand why.
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