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So, You Want To Buy A Foreclosure in Canton MA?

So You Want to Buy A Foreclosure in Canton MA?

This is an informative blog article for anyone interested in buying a foreclosure, or short sale for that matter.  Don't assume that the bank will accept a low offer just because it is a foreclosure.  Have your buyer agent look at comparable properties to get a good idea of price.  The bank's agent has looked at the same comparables and has provided that information to his/her client.  As stated in the article, some homes are purposely listed low in order to move the property quickly and generate a bidding war.  Use your buyer agent's expertise in determining how much to offer.

If you are searching for a foreclosure or short sale in Canton MA make sure you have your Canton MA Buyer Broker on your side to help!

 

Many buyers are excited to consider purchasing a bank owned foreclosure (or REO) property.

Many of these properties are great deals, regardless of the condition, for the more experienced investors. Some may require a bit of work (usually a good 203 loan property).

There was a recent foreclosure my buyers were interested in: great subdivision, priced at $125K, for 3 bedroom, 2 bathroom with about 1655 square feet.

The biggest detriment? It had no kitchen. No cabinets, no counters, no appliances at all. In my buyers' mind, this was perfect, a blank slate to start from.

Many buyers are also tempted to offer less than listing price, thinking that no buyers will offer full price or better.  That is a dangerous way to think.  It's important to have your Realtor check for foreclosures in the area in similar condition to see what they sold for in order to prepare a proper offer if you really want the house.

This home was priced to generate multiple offers, which it did.

SO, how much did it sell for?

Listed at $124,900, and 18 days later, under contract to a cash buyer for $146,500.

If you want to purchase  a foreclosure, you need to do your homework first!

 

Carol Zingone is a full service Broker Associate proudly affiliated with Prudential Network Realty in Atlantic Beach, FL.  I help buyers and sellers locally, regionally, and internationally.  With hundreds of happy buyers and sellers over the course of my career, I'm thrilled to help first time buyers, military buyers, seniors, investors, 1031 exchange properties, short sales and REO's.  I have spent hours honing my expertise, including the designations of Certified Distressed Property Expert (CDPE), Graduate Realtor Institute (GRI), Loss Mitigation Certification (LMC) , Short Sales, Foreclosures, REO's, (SFR), and Senior Real Estate Specialist (SRES).  Recently honored as the Realtor of the Year for the Northeast Florida Association of Realtors for 2009, I pride myself on providing excellent expertise to all buyers and sellers. Search the MLS via www.carolzingone.com  for Jacksonville and area listings!

 

 

 
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field. 

 

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Comment balloon 6 commentsChristine Smith • November 12 2010 09:50AM

Comments

Many buyers think that foreclosures mean a great deal for them and do want to low ball.  Educating buyers is important.

Posted by Kay Horacefield, Houston-Clear Lake City-League City, TX (UTR-Texas Realtors) about 9 years ago

Great post.  I must have this conversation at least 3 times per week with buyers that come to my website.  Usually it sounds iike "In your experience Justin, how much on average below the list price are these foreclosures selling, 30% right?"

Posted by Justin Dibbs, REALTOR® - Ashburn Virginia Homes for Sale (Pearson Smith Realty) about 9 years ago

Christine - thanks for re-blogging my post! First time that has happened!

Posted by Carol Zingone, Global Realtor in Jax Beach, FL - ABR, CRS, CIPS (Berkshire Hathaway Home Services Florida Network Realty) about 9 years ago

You are welcome Carol.  It's good information to share with those looking for foreclosures.

Kay & Justin....thanks for stopping by.  It sounds like we all run into this issue on a regular basis!

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) about 9 years ago

Note to buyers: If the deal is already built into the price don't lowball it. The offer will either be rejected or if there multiple offers someone will outbid you.

Great reblog!

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) about 9 years ago
Thanks Dave. Good comment too...buyers often ignore that as well.
Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) about 9 years ago

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