Purchasing Florida Foreclosures
So…..you want to buy a foreclosure? Here are a few things you need to know.
When offers are made we have to present either a pre-approval letter from your lender and/or proof of funds i.e. bank statement or certified letter that funds are available from a credit line. A deposit of $1,000 to $5,000 in certified funds will be required.
If you need to finance, the seller (bank), may require you to be qualified through their preferred lender. You don’t have to use them but you may have to be qualified through them.
In my area, Central Florida, foreclosures are selling for 95% to 97% of listing price. You will not get a foreclosure for 50% off listing price.
The Seller (bank) does not care that you want a response in 24 hours. They will respond when they are ready. They may even sit on your offer for a week or two to see how many other offers they get.
All foreclosures are sold “As Is” with right to inspect. This means you will have 7-10 days to have inspections completed. You may also be required to have the utilities cut on in your name for the inspections. The seller is not obligated to repair anything BUT you are also not obligated to buy if the inspections are not satisfactory.
The purchase contract will have very strict time lines and may even have a $100 or more per diem charge to you if not closed according to the date negotiated. Time is of the essence.
There’s more…….but will talk about it later.
If you are interested in purchasing a foreclosure or would like a list of available properties CLICK HERE.
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