REO's Moving Quickly!!
Posted by Hamid Grinage on Monday, March 23rd, 2009 at 11:48am.If you are a buyer looking to pick up a foreclosure, you have probably realized that it's not always easy! Over the past year, the Banks have gotten much better about pricing their listings from the beginning, as opposed to going through several price reductions before they get offers. While sometimes the property still needs to get reduced after hitting the market, many of them are getting several offers in the first few days.
It's important for potential buyers to realize that moving quickly is essential right now if you expect to have a shot at a newly listed foreclosure. I have had clients who really loved a property that they saw, but they wanted to show two or three different people before they made a decision. A week goes by and by, then there are has been an offer accepted and the client is dissapointed. Buyers should know that there is "built in" protection for them in the purchase agreement called the "contingency period". This allows for a period (usually 7-10 days) for the buyer to investigate the condition of the property and make sure they are satisfied with it. This means that if you see a property you love, you can make an offer on it without being obligated to proceed with the purchase if you change your mind. It's better to get your foot in the door and have the ability to back out as opposed to never having a shot at all because you waited too long.
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