Knowing the ways all the different agencies and banks work is important to being successful purchasing foreclosed homes. You also have to keep up with what is on the market with these different types of foreclosures.
Last night a client wanted to write an offer on a home in Strongsville that was a Fannie Mae property. Not only do you have to fill out a regular real estate contract, you also have to get all of Fannie Mae’s paperwork that they want put together with the other Real Estate paperwork. It took 2 hours to get all that finalized and over to our client. Lori made sure that an investor could bid on the home.
Auctions are another way to purchase real estate and there are a few of them. Some of these auctions add on a percentage to the sells price that is in the fine print. Some of these auctions also have a reserve that needs met. Knowing how to deal with these types of properties and how to bid is really important and gets you the deals. We have purchased many homes from auctions and they all are different. Some have reserves and others do not, that can make all the difference in getting the home on the first auction.
We have set up a new spreadsheet for all the HUD foreclosed homes in the Cleveland Metro area and will send them out weekly for free to anyone who wants them. The spreadsheet will consist of all the homes that are available. If you decide you want to offer on a property just call us and we will get all the paperwork completed.
If you see a home you like email us and we will get you the details on the home.