Already on ArticleSlash?

Forgot your password? Sign Up

Foreclosure and Short Sales - 4 Steps to Getting Them Done Right

Ben Janke

Visitors: 374

In today's foreclosure rich real estate market is very essential that you understand the numbers and the stats of your market. Even though prices are lower than they have been in years, it is still easy for buyers to make big mistakes that cost them in the long run. Here are 5 tips to help make sure that you are making a great move.

Research the area:
Have to put together the detailed report of the properties that interest you, your work is not completed. In now need to look at the surrounding areas such as the surrounding homes, the schools of the area, how fast the property values increase in the area, what type of recreational activities around the area, and the overall convenience of location. Finding this information out before you view the property can save you a lot of time during the real estate buying process, and can eliminate the need to drive all over town just a look at homes that do not interest you. Contacting a professional buyer agent in the area is probably the best way to get this information.

View the properties:
When she have a good list of properties to view you're probably going to need to schedule appointments to view ridge property. This is where you need to double check the listing information to make sure it is accurate. Remember that the information on the listing is from the listing agent or from the owners and is not necessarily 100% accurate. Make sure you take a look in detail of the home. Think about things like water in the crawlspace, roofing, carpet, plumbing, heating, AC, and sprinklers. But she asks many questions as you can either to your buyer's agent, the listing agent, or the owner themselves. You might even want to talk to the neighbors.

How much should you pay:
Once you have taken a look at all the properties that matched your criteria, you need to start thinking about what price you willing to pay for your favorite property. You need to consider the most recent appraisal of the property, the sold comps of the area, and the actual market value of property. Also take into consideration any improvements that you will need to make after you purchase the property such as carpet, paint, and structural changes. You also need to consider the time frame of the foreclosure. If the foreclosure date is coming up soon and you're trying to get the property on a short sale, you will most likely need to be more aggressive with your offer price because of the impending foreclosure date. Sometimes the banks will extend this date if they feel that the offer is viable and will close.

Offer on the property:
There is a different strategy when offering the property and especially when it is a foreclosure property. If you go too low the bank will flat out denied your offer. You must understand that banks will not negotiate on their bottom line, but they are looking to make as much money on the transaction as possible. Sometimes banks will can throw off the deal based on a difference of only $1000. Typically one property not selling is not going to break the bank. They have rules and regulations that they stick to very very closely, and if your offer does not meet their criteria they will either counter your offer or reject it. With that in mind make sure you take everything into consideration before you make your offer and have a good buyer's agent on your side to help with the negotiations.

There are so many great deals out there right now. If you're looking to buy and as an investor or as a homeowner, right now is an ideal time to start the process and just be glad you didn't buy last year. Take advantage of the market numbers, and get a great deal today.

Ben Janke is a Idaho real estate broker with Vizions Real Estate that has written free real estate guides that you can access by clicking the following link Boise ID Real Estate.
If you are a buyer or seller in the Boise, Meridian, Eagle, Nampa, Kuna, or Star real estate markets, go to to search the MLS with an interactive map search and find out more details on how to get the most out of your buying or selling experience.


Article Source:

Rate this Article: 
Short Sale For Prevention of Foreclosure
Rated 4 / 5
based on 5 votes

Related Articles:

Avoid Foreclosure Through Short Sales

by: Kathy Swift (June 24, 2008) 
(Real Estate/Foreclosures)

Short Sales to Avoid Foreclosure

by: K. Patrice Williams (July 03, 2008) 
(Real Estate/Foreclosures)

Real Estate Short Sales Pre Foreclosure

by: Marilyn Roberts (July 18, 2008) 
(Real Estate/Selling)

Foreclosure Buyers - Avoid Short Sales!

by: Brendan Hough (September 10, 2008) 
(Real Estate/Foreclosures)

Steps of Foreclosure Proceedings - Every Homeowner Needs to Know the Steps of ..

by: Stacy Fox (March 24, 2008) 
(Real Estate/Foreclosures)

Steps of Foreclosure - Five Steps to Avoid Foreclosure

by: Stacy Fox (March 24, 2008) 

Steps of Foreclosure - Guide to the Steps of Foreclosure

by: Stacy Fox (March 24, 2008) 
(Real Estate/Foreclosures)

Short Sale vs Foreclosure

by: Phill Grove (March 19, 2011) 

In Foreclosure and Want to Keep Your Home? Try a Short Refinance

by: Marlon Baugh (September 12, 2008) 
(Real Estate/Foreclosures)

Short Sale For Prevention of Foreclosure

by: Kevin Simpson (October 21, 2008) 
(Real Estate/Foreclosures)