Profile picture for user6451867

been pre-approved!

Been pre-aproved  for 300K and the one agent I've been in contact with does not really want me to go the foreclosure route! Am I better of staying away from foreclosed homes or am I missing out? I feel that I'm missing out..... any suggestions??
  • October 23 2013 - Miami
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Answers (9)

It is great to work with someone who is already prequalified. Most times we need to ask buyers to get prequalified.  Foreclosures are another means of purchasing property.  Hard to find real nice foreclosures.  However the agent should be helping you with the properties you ask about.  Some agents feel if you qualify for $300,00 that is what they should show you.  However, I am not sure what your agent is considering on these homes.
Ask your agent why.
  • October 24 2013
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Good Afternoon,

Congratulations on getting a loan preapproval and getting the process of your home search started. In searching for a Realtor you goal is to ensure that he/she has the ability to listen to what your search requirements are and guide you through the process. For now the job of a realtor is more defined by the adaptability and extended in assisting their clients navigate through the process of a home search. There are still homes that appear on the market that are neither foreclosures or short sales, but those are not the main inventory. For the past 7 years I have been working in assisting buyers and sellers achieve their goal of selling or purchasing a home and it has on many occasions required that I dedicate more time than sometimes is available, but the goal should be to provide a client with the service that is required. Given the limited inventory that also is appearing on the market, we do not have the ability to pick and chose which types of transactions we will have. There is a big misinterpretation of the condition of foreclosed homes, not all of them are in major disrepair, many are actually in good condition. You can find homes that are in all sorts of condition regardless of any legal proceedings. I would encourage you to find a Realtor that can assist you in your search, and show you what is on the market that meets your search requirements. Good luck with your home search. Should you have any questions, please feel free to contact me.

Lila Lopez, CRS, CDPE, e-Pro
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
  • October 24 2013
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Profile picture for SteveSellsNC
The other posts are excellent. Your Agent should help you with any property that meets your criteria and needs. I have closed on several Fannie Mae properties which were in "move-in condition" and helped my clients save significant amount of money on the purchase. The Agent needs to look out for your interest.

As was already stated, lenders can be very picky in approving the loans on homes that require major repairs prior to closing.

Good luck with your purchase!
  • October 24 2013
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Congratulations on being pre-approved!!  Whatever agent you choose should be willing to show you the properties that interest you.  Yes, if there is extensive damage to a property then it may not qualify for the type of loan you are getting.  However, not all foreclosures have extensive damage and furthermore I have begun to notice a trend where the banks are rehabbing their own foreclosures themselves.  I have been buying and selling foreclosures for many years and have a great deal of experience in this area.  If you have any further questions or you are looking for an agent in Maryland please feel free to message me privately.
  • October 24 2013
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Congratulations!
Your agent should show you any home you are interested in seeing- but do understand some foreclosures and short sales may not qualify for your type of loan due to the property being so damaged - Your agent may have some information already on the type of damage the property may have.  There are some deals with foreclosures and short sales but most of the times you will have to do repairs-

Good luck!
  • October 24 2013
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Foreclosures are not the deal they used to be.  If the home is in disrepair, the lender may not give you a loan until the property is rehabbed. 

In many cases you are better off with a regular sale.  

I've been trying to keep my clients from looking at short-sales and foreclosures due to the headaches involved. They are never easy transactions. 
  • October 24 2013
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Hi,

If you can find a foreclosure that you can fix up (you yourself or perhaps a
friend/relative who won't charge you an arm and a leg...), then it might work.
A lot of buyers, however, are interested in foreclosures because they think they can get a steal, without realizing that the condition of a lot of foreclosures out there.
It all depends on whether you're the turnkey kind of buyer or you're able and willing to get down and dirty and start fixing up your new home before you move in.
Either way, congratulations on the 300K pre-approval and hope you find your new home soon!
  • October 23 2013
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Generally, the primary concern with foreclosures is the amount of time to negotiate with a bank/loan servicer. They are often not quick, and your agent may be focused on the easier close of a traditional transaction.

The significant upside is that foreclosures are typically well below market value. It this real estate market, it is fairly easy to identify foreclosed homes. The internet is loaded with them.

I would compare 2-3 foreclosures to the non foreclosure market to get grounded in the difference, and then have the agent do it your way!

Best of luck.
  • October 23 2013
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Profile picture for CallTheSisters
The agent should be willing to handle all transactions.  Buyers choice.

I don't like to deal with foreclosures but if that's what my client wants - that's what I do.

If you need an excellent real estate BROKER in the Miami area extremely well versed with foreclosures email me privately .
  • October 23 2013
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