MARCO ISLAND, Fla. – Jan. 24, 2011 – The McCarty Group, a Florida real estate team specializing in Marco Island properties, compiled five tips to help buyers seeking a foreclosure in virtually all U.S. markets.
Mike and Wendy McCarty of Keller Williams Realty say while buyers have heard that there are many foreclosures on the market, most don’t understand these practical rules they can follow.
1. Work with an agent who has access to foreclosure information. Many homebuyers assume that all agents have access to foreclosure listings. It’s important to ask.
2. While short sales can be bargains, they also can take a lot longer than bank-owned properties. Some banks will negotiate in a timely manner on short sales but most will prioritize properties they have already repossessed.
3. Always offer less than the asking price. Asset managers responsible for liquidating bank-owned Marco Island condos, for example, are often willing to consider a lower offer.
4. Ask the bank to pay your closing costs. The worst that can happen is that they say no. Sometimes buyers are surprised to find that banks can be quite accommodating.
5. Get pre-approved from the right bank. When making an offer on a short sale, it’s often strategically helpful to be pre-approved by the same bank. During negotiations, this may tip the scales in your favor.
Source: The McCarty Group
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