Foreclosures

You here about them in the news. You see them down the road. Everyone is talking about foreclosures. Are they really a buyers bargain?
The honest answer- maybe! Much depends on the stage of default the property is in. Pre-Foreclosure (owner is behind in payments) and Short Sales (owner owes more than the property can sell for) are often not resulting in a super great deal for the Buyer. In Pre-Foreclosures, the lender or lenders are usually not very eager to negotiate. They tend to prefer to work something out with the Owner. Short Sales are even more difficult. Basically you are asking to lender to give up money owed to them.
Foreclosures or REO(Real Estate Owned) properties are owned by the lender. These are where you may find your best deals. Once the Lender owns the property in their inventory, they become quite anxious to unload it quickly. With the right preparation and terms, often a really great price can be negotiated.
Foreclosures often need some work. Some will need everything from a new roof to walls - others will just need fresh paint and carpet. The Lender will NOT make any repairs - so be prepared to do the work yourself at your own expense. But, often with a little elbow grease, a few dollars spent at the local Home Depot and tenacity you can find a great deal in the Foreclosure Market.
Finding good Foreclosures may be difficult. That's where a good real estate consultant can help. Your RE Consultant will sift through all the listings, match them up with your remodeling abilities and know how to prepare offers and negotiate with banks. Your RE Consultant is invaluable when purchasing a Foreclosure.
For more information or a free consultation on how we can help you buy a Foreclosure or any other property call RSP Int'l Realty at 954-632-5514 or visit us on the web at http://RSPIRealty.com