2 Simple Tips For Buying A Foreclosed Or Short Sale House

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The Federal Savings Bank offers a couple tips to first-time home buyers looking to purchase a foreclosed home.

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In the current environment, foreclosed homes are selling close to the listing price since demand for housing is out pacing supply.

To move into a more expensive and desirable area, The Federal Savings Bank suggests that some first-time home buyers to consider purchasing a foreclosed home. However, it is important for interested individuals to know exactly what they might be getting into purchasing a home such as this.

The Federal Savings Bank suggests following these two easy tips to make the best possible decision:

1. Understand the seller
With a regular home, buyers are often communicating with another human being who is looking to sell the property. However, when purchasing a foreclosed home, banks sell the house. Buyers should understand their offer will only be considered as a number. While writing letters to the seller and personalizing an offer can help in another instance, it likely won't work for a foreclosed house.

In the current environment, foreclosed homes are selling close to the listing price since demand for housing is out pacing supply.

2. Work with a real estate professional
The banks that are selling foreclosed houses often have worked with practicing real estate agents in the past. That's why working with an agent is an especially good idea. Their expertise will help interested buyers navigate through the process and eliminate some of the risk associated with purchasing a foreclosed property. The agent will advise what an appropriate competitive offer so that the buyer has a good chance of winning best bid scenario. For the Chicago area, The Federal Savings Bank sees that best offer situations are occurring frequently. One should be knowledgeable and prepared to competitively offer a bid, again, an agent can be a great resource, especially if they know what price the bank is looking for.

Contact The Federal Savings Bank, a veteran owned bank, to learn more about mortgages.

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Giorgio Urbano Ferrero
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