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Hey everyone, how is your week going?  Going great here, busy as always, but enjoying this cooler weather that we have been having here in the natural state.  Today I want to share with you some general information regarding foreclosed properties and how to be prepared when you find that "One" that you want to make your new home or project.  There are so many opportunities out there and great ideas of home improvement and flipping properties, the information can be overwhelming at times.  I hope that what I provide you will assist you and give you valuable information to use in the future.  Please note that the information I am providing is a general rule of thumb, it is not written in stone, and each company may vary in some degree or another, but overall, this information will give you a guideline to begin.  When you start your search, the first thing you need to do is to go to your lender, ask them to pre-qualify you for a home purchase.  Tell them you are interested in a foreclosed property and find out exactly what type of loan you are qualified for.  Every foreclosure company that I work for and work with require each purchaser to have a pre-qualification letter from their lender or if you are paying cash for the property, you will need a proof of funds.  This can be a letter from your bank or if you have a current bank statement that is less than 30 days old, that will work as well.  Whatever the case may be, it must be dated no less than 30 days out.  This is good to have on the front end for several reasons.  1.  The foreclosure company requires it to make an offer, and I have seen buyers lose a property waiting on their lender to supply them with one and another buyer that already has their letter gets their offer in and accepted before you get your letter from your lender so you can write an offer.  2.  You will know what type of loan you are obtaining and what price range to stay in. 3.  The loan type is also helpful to your agent, because they will more than likely know on the front end if the property you are interested in will qualify for the type of loan you are eligible for.  This brings up another topic to discuss when searching.  Unlike a traditional sale where you can ask the seller to do repairs if any are needed in order to qualify for the loan you are applying for, foreclosure companies do not do any repairs of any kind to a property in order for them to qualify for your loan type.  They are strictly sold as is where is, AND they don't allow you to make any repairs prior to closing....This is a very big NO NO!!  Don't Do It!  It could cost you your purchase.  They can void the contract if you make unauthorized repairs.  There are certain companies that will allow you to increase your sales price to add the cost of the repairs to the purchase price that was negotiated and then they hire their contractors to do the repairs to their specifications and once completed your lender should sign off on these repairs to complete the loan.  Not all companies offer this, and not all buyers wish to use the seller's contractors to do the needed repairs.  It is just a good practice to know that you are going in with the mindset that "what you see is what you get."  That is why it is so important to know your loan type.  Each loan has certain requirements of the condition of the property.  Your agent and lender will know what is required for the loan.  Once you have been to your lender, know you are pre-qualified for a certain type of loan and what price range you wish to stay in, you are ready to begin your search.  Your agent has provided you with multiple fliers of properties to do a drive by and see if you like any of them well enough to schedule an appointment to preview or you may have printed them off yourself and want to drive by and then get with your agent, whatever the case may be, before you decide to get out and walk around the exterior, call your agent first!  There are instances where some foreclosure companies are selling properties that are occupied and its up to the new owner to evict the current occupant.  Your agent will be able to tell you if it is vacant or occupied.  It is always a good idea to schedule previewing with your agent, that way you aren't falling in love with a property that won't qualify for your loan type or you aren't met at the back yard by an angry tenant wanting to know why you are nosing around in the backyard! Yikes!  The last tip for today is the fliers or printouts that you are looking at,  although listing agents do the very best that they can in providing accurate information for these properties, they are given only basic information and most information is pulled from tax records and public records.  This may include acreage, lot size, square footage of home, etc.  For your protection, it is always highly recommended to obtain a new survey, your appraisal will give you the heated and cooled square footage, or you may want to measure for yourself, a home inspection will reveal any defects or items of concern. 

I hope this has given you helpful information!  Next week we will discuss writing your offer!!!  You have found the perfect "ONE", now to sit down with your agent and write a strong offer!!  See you next week!!

Thanks for stopping by!



Hello and thanks for visiting my site and MY BLOG!!  I am so excited about this chapter in my business that I am going to attempt to maintain on a regular basis.  I have dabbled in my personal pages with blogging about some of my hobbies and trips and I have been reviewing and reading others professional blogs and it has stirred an interest in me that I just can't describe.  There is so much to share with each other and I am excited to share my experiences along the way.  I have wanted to do this for years now, but just to be truthful, have not had time with my busy schedule.  But I am committed and hopefully you will find some of the information that I post on here helpful and uplifting.  We are all on a journey, and we are all guilty of saying, "when I get so and so, I'll be happy, or when I get this or that, I will be happy.....well after years and years of struggling with this, I have finally GOTTEN IT!!!  The joy is not found in the item once you get it, the JOY is in the JOURNEY GETTING THERE!!!!  We need to all ENJOY our JOURNEY daily!!  What's the use working hard, saving up, etc if we don't enjoy the trip there!!!  That's my goal anyway.....sometimes I slip, but my goal none the less!! 

Ok, I got a little sidetracked there. That little blurb was my uplifting part!!   I want to give you a little background on myself.  I have been licensed and a Realtor since 1999, shortly after obtaining this license, I was introduced to the world of foreclosures.  I was contacted by a company and asked would I consider representing them selling their properties in our area.  Being new to the world of Real Estate and all that it entails, I said YES and the adventure began.....Now years later I am still selling foreclosures,selling for multiple companies,  still learning every day, and meeting new people along the way.  I will say that from that day in the Fall of 1999, things have certainly changed.  I never dreamed that the foreclosure industry would be such a large portion of my listings, but it is. I never dreamed there would be so many reports, inspections, tasks involved with each listing and each company has a different platform and requirements.  Training and conference calls are a daily routine.  Although I still list and sell traditional sale homes, my inventory is made up mostly of foreclosures from various companies.  Although I hate it that people lose their homes, and I realize that it could happen to each and every one of us at any given point in our lives, I am thankful that I have been chosen to sell these homes to new owners that can enjoy them and make them their home.  I also know that those that have had to endure the loss of a home, will one day recover and find their new home as well.  My goal with this blog has multiple purposes and to list them all would probably take a while, but to give you a few ideas of what I am trying to accomplish is this:  1.  I want you to see into the life of a real estate agent and what it takes to become one.  As with any occupation, there are wonderful rewards and there are struggles too, I am so fortunate that I work with an amazing group of Realtors at Remax First, Inc who show unconditional support and friendship for each other.   2.  I want to share my knowledge of real estate with you, my reader.  Knowledge that includes but not limited to the foreclosure process and understanding the steps to a foreclosure and how to successfully purchase a foreclosed property.  3.  To help clarify the myths from the facts on foreclosures.  4.  To get to know me and hopefully choose me to be your Realtor!! 

I hope you enjoy the information I share here and I look forward to hearing from all of you and learning as I go as well what works and what doesn't!!  Thanks for stopping by!  Check back next week for another chat!

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