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When You're Investing Major Money,
You Want A Professional Guarding The Transaction.
COMMON QUESTIONS POTENTIAL INVESTMENT BUYERS ASK :
| Q. |
|
Do the sellers
(banks, other institutions that own the foreclosed property) rent
or lease? |
 |
| A. |
|
No,
the property owners are only interested in selling. |
| |
Q. |
Is the loan
on the foreclosed property assumable? |
|
| |
A. |
No,
you must secure financing outside the old loan. |
| Q. |
|
Do the banks
offer financing? |
|
| A. |
|
Some
may offer an affordable alternative to purchasing
a property in need of repairs. |
| |
Q. |
Will the
bank make repairs? |
|
| |
A. |
Our
properties are generally sold in "as is" condition.
Occasionally a bank may choose to repair a property so that standard
types of financing may be obtained. |
| Q. |
|
What is
the best way to finance a foreclosure? |
|
| A. |
|
The
best purchase is a cash purchase. However, this is not a possibility
for most people. There are a few rehabilitation programs available
to choose from. An FHA203K program works well with a property needing
repairs. |
| |
Q. |
What repairs
are needed? |
|
| |
A. |
Our
sellers do not perform property inspections to produce a list of needed
repairs. They do allow an inspection period to let you decide whether
or not you wish to proceed with the contract. |
| Q. |
|
Is the loan
on the foreclosed property assumable? |
|
| A. |
|
No,
you must secure financing outside the old loan. |
Buyer Considerations in Evaluating the
Purchase of a Foreclosure Property.
 |
|
Are you buying
a property to hold and rent, or are you going
to resell. |
|
|
|
When purchasing
a foreclosure property, a cash transaction
is preferred over financing. |
|
|
|
For best
results, have an agent who specializes in foreclosure
or REO property represent you in the transaction. |
|
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Have a geographic
area in mind when searching for a prospective property. |
|
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|
Work with
an agent who covers many geographic areas to have access to the best
selection of property. |
|
|
|
DO NOT expect
property sellers (i.e. banks) to give low prices or giveaways just
because the property is in foreclosure. |
|
|
|
Be patient
in the search. The right property for you will come along in due time. |
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CIRCLE Real Estate Services, Inc.
19 Trammell Street
Marietta, Georgia 30064
OFFICE 6 7 8 . 4 6 0 . 2 9 0 0
FAX 7 7 0 . 9 7 1 . 4 1 6 1 |
