First Time Homebuyers Guide to Foreclosures

First Time Homebuyers Guide to Foreclosures


first time homebuyersTitle: First Time Buyers Guide to Foreclosures in Bothell, WA

Author: Nick Bert jr

Article: I’m a Licensed Real Estate Broker, and the president of Washington Realty Source. I specialize in selling foreclosed properties. I’ve helped hundreds of people save money on these types of homes, and I’ve become familiar with some of the most common questions that people have about them. I’ll begin by going over some of the things that surprise most buyers, and then I’ll wrap up by quickly going over each type of foreclosure that you’re likely to find in Bothell Washington.

First, the things that most people don’t expect:

Unfortunately, 3-7 day response times are normal, whereas an offer written to a private seller will likely be answered tomorrow. When you wright an offer on a foreclosure, get comfortable. Its not uncommon in Bothell to wait a week before you hear back from Fannie Mae or Freddie Mac on some of their homes.

Foreclosures are sold as-is. Many people like to do a home inspection and then negotiate a lower purchase price based on the inspection findings. If this is what you’re planning, prepare to be let down. In most cases foreclosure sellers are not likely to repair a home unless they’re required to do so by your lender, and even then they may choose not to. If your lender requires repairs it could cost you the home if you don’t have cash available to make the required repairs.

No, there is not a garage door opener or keys to the mail box. Unfortunately, when a home is lost in a foreclosure, the last thing on the minds of the current homeowner is “where should I leave my key?”

Foreclosures in Bothell Washington come in four different varieties for the most part, and they are:

Fannie Mae properties usually have their own financing options available allowing for as little as 3% down in some cases.

Freddie Mac foreclosures are usually sold with a 2 year home warranty paid for by the Seller.

R.E.O.’s or Real Estate Owned (by a bank) include homes listed by Chase, Wells Fargo, Bank of America and many others. They’re usually sold as-is, and are frequently categorized with foreclosures because technically they are “foreclosed homes.” R.E.O.’s or Bank Owned Properties are frequently priced competitively with the other types of foreclosures as well.

HUD Homes are not government owned or foreclosures. Even though technically they are owned by the government and they were acquired through foreclosure. HUD is worried that referring to their properties as being foreclosures, government owned, or affordable would show their properties in a negative light. Despite this silkiness I happen like HUD homes because some of them come “insured with escrow.” This means that you do not have to worry about a home being rejected by a lenders appraisal because HUD has already had an appraisal completed.

Despite the additional hurtles to dealing with these types of properties, they still represent an average savings of $20,000 verses buying a privately owned home. In Bothell Washington, these are the best deals to be had.

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