Foreclosures & Short Sales, Bank-Owned
Properties (REO)
Working With Pete Clay,
REALTOR®, GRI, SFR as Buyers
Agent
Pete Clay,
REALTOR®
is a National Association of
REALTORS®
Certified Short Sale & Foreclosure Resource
Today,
many buyers are looking for bargains in a market with numerous
short-sale and foreclosure opportunities. There are definite
pluses and minuses, pitfalls and gains when deciding to take
this route towards buying a home or investment property. I will act
as Buyer's Agent, working in your interests, for those wanting
to pursue this course. Please feel free to contact me anytime
by phone or email to discuss your objectives.
I'll be glad to email you current listings for
foreclosures and short sales from all agencies that
you can browse.
A few important points to keep in
mind when making an offer on a bank or corporate/lender-owned
property
that is at any stage of the foreclosure or short sale
process:
-
It can take much longer than
normal to get a response to an offer
-
There may already be several
offers on a property of interest
-
Most properties of this type
are sold on an as-is basis with no disclosures
-
Any inspection is at your
expense and for your due diligence information only. Usually, no repairs by
seller are considered. However, if your inspection is completed
within an agreed due diligence period, and you are not satisfied
with the results of the inspection, you may be able to
terminate the contract and have your earnest money returned.
-
The properties are often in
derelict condition, requiring repairs
-
Earnest money is usually
required to be by certified check
-
When an offer is made, proof
of funds to close and/or a pre-approval letter from a lender
based on credit checks and other parameters is required.
-
You must have good credit
and be prepared to place at least 20% down (or more), or be
in a position to purchase in cash
-
Your financial planning
for the purchase needs to be solidly in place.
There are many good value deals out there at
all ends of the pricing spectrum. If you can weather the
potential disappointments and delays, and believe you are
financially fit to move forward on a purchase of this type,
let's talk about your needs and learn what is available in your
price range and location of interest.
As a National Association of
REALTORS® Certified Short Sale and Forclosure Resource (SFR), I
have the knowledge to explain how the
process works, and you'll decide if it works for
you.
Always, consult with your attorney with legal questions,
and your financial advisor for tax implications.
Let's get started to find a
property for you!
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