Buying Foreclosures? Have Your Act Together!

So after a number of frustrating months working with Orlando would-be home buyers who want a bargain but don’t know how to go about it, I’ve decided to get something off my chest:

Rule 1: Don’t waste your time (and everyone else’s) by starting to start looking around for a home - any home - before you’ve figured out how you’re actually going to pay for it. When asked if you’re pre-qualified for a loan, too many of you say something like “No, but trust me - it won’t be a problem.”

I say, “Trust me, right now it IS going to be a problem - and if you’re not paying cash, then I hate to be blunt, but I ain’t schlepping you around town until you’ve figured it out.” Because you need more than a good income and half decent credit score to get a loan on some condo projects these days.

Sound harsh? Well here’s the reality if you’re looking for a foreclosure or bank owned property: The banks don’t play around. If you find a bank owned property you want, then you better be prepared to submit a contract on it immediately and be prepared to close in double quick time.

If you think you’re a cash buyer, then that contract needs to be accompanied by a proof of funds; If you’re getting a loan, then that contract needs to be accompanied by a pre-approval letter from the bank. No exceptions, no delays. You’ll also need to get your inspection done before you do all this. Most bank owned properties are not sold subject to inspection.

So if you want to purchase real estate on the cheap, then you better be prepared to move on the best deals quickly using the bank’s own contract, addenda and timelines. This isn’t a game for beginners or the faint at heart.

Like I said, the banks don’t play around. And nor should you. As they say in the cub scouts “Be prepared.”

For Orlando real estate foreclosure deals, contact us on 407-290-3408.

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