Tips on buying a short sale or foreclosure in the Twin Cities
By Stieg Strand, showing up. working hard. every day.
(RE/MAX Results)
There is a lot to be said about the value of buying a property "below market". You can save yourself anywhere from 5% to 40% on a purchase or more. Here are a few things to think about before you put your money down and write up an offer. Do you have time? - Reason being, it can take weeks, even months to get a foreclosure or short sale through the process to closing for a variety of reasons, but the biggest one being the entire industry is log jammed with properties, and few "reasonable" people handling them. In a recent conversation with a mortgage company REO specialist, they said that they are handling 2X to 4X the amount of files(properties) than the system and the staff are designed to handle. Are you handy? - I mean really handy? - Many foreclosure properties provide no warrantee...
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