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  FIRST TIME HOME BUYER   

         

       

“How To Buy Bank Owned Homes”

                                            

                  By Team Rutenberg

The Myth of Buying a Foreclosure:

 

Believe it or not just because it’s a foreclosure does not mean it’s a good deal!

Before you have any hopes of getting a bargain deal home

you need to get the right mindset; And this includes

making the all-important financial decisions.

As witness to many first time buyers getting so caught up

in the excitement of the foreclosure bidding-war they pay over retail price for a home that needs work.

Prior to you buying a foreclosed bank owned home or

Condo-home, get the mindset right!

 

This E-Book is dedicated to help *you the first time home buyer to even the playing field especially when you are going up against a seller like a bank. 

 

What Makes Real Estate Valuable? YOU DO!

We all heard that location, location, location is what makes real estate valuable but the truth is "people make real estate valuable."

Property values rise and fall because of people's desires!

Having a true understanding of what makes real estate valuable is fundamental key to determine the price  “you the buyer” are willing to pay for the home.

As the money market has tightened the availability of getting money has played a big part in the decreasing real estate values today.

Generally speaking it's a buyer’s market for those who have the cash funds or can qualify for a mortgage loan.

The seller hopes for the highest possible price the market will bear; with less qualified buyers on the market reality sets in quickly for the seller, and it's a buyer’s market for those qualified to buy.

In the case with the banks being the seller they are required, as a matter of law, to disposition the properties they acquired by way of foreclosure.

Generally speaking you and others like you who qualify, make real estate valuable and it's a buyer’s market for those qualified to buy, especially bank owned homes!

How To Search and Find a Real Estate Bargain Home For Sale?

Foreclosure homes come in many sizes and shapes, some were owner-occupied and others investor owned homes that were usually tenant occupied.

The owner-occupied homes are normally much better condition then the investor owned homes; More about that latter.

Here is a secret we share with you;

We see more and more homes being bought on the Multiple Listing Service by investors who turnaround and sell to a buyer sometimes the same day for $5,000 $10,000 and even up to $20,000 more than was purchased for by the investor. This is called wholesaling and a few other names.

Hey Team Rutenberg would like to do that too but as a licensed Real Estate Professionals the law does not allow us. 

The point here is that there are so many good deals on the Multiple Listing Service with all the bank owned homes for sale that are jumping into the hands of those that know how to find and buy bargain deals!

In order to buy a foreclosed home listed on the Multiple Listing Service you will need the assistance from a real estate professional.

Word of caution, Buyer Be Ware! Dealing directly with the bank’s listing agent who is considered the seller’s representative, what you tell the listing agent for example “my offer is $XXX amount and willing to pay say $10,000 more if needed to be top bidder” then the seller’s agent has a obligation to tell the bank about your willingness to pay more, this is a matter of fiduciary duty also known as ethical relationship.

However if a Buyer’s Agent or a Real Estate Attorney who’s working with you and has a fiduciary relationship with you, then all you say and do is confidential between you and your real estate representative, even when the seller pays the commission.

Many homes that are listed on the Multiple Listing Service can be delivered to your E-Mail with new up to date listings of homes on a daily bases, when working with your exclusive Real Estate Buyer’s Agent.

In a nutshell the Multiple Listing Service is your best source for finding bargain deals and a Buyer’s Agent can be your best friend representing you with every step to owning a home.

OK Now For The Fun Stuff

Click on the Icons below to watch the Videos

 

 

So at this time you have an understanding why having your pre-approval letter for a home loan is so relevant.

“But wait” you would like to tell the lender to add a key word FHA 203K; to your pre-approval letter in order to compete against the all cash investors.

Learn about the FHA 203K by clicking on the Fixer Upper Solution.

 

                                                               

  Click here to learn more about the 203K Home Improvement Loan                                              

OK now that your pre approval letter is underway lets look at some Bank Owned Homes for the first time previewing.

Inspecting the House For Sale the First Time

Lets start with Location-Location-Location.

How To Find The Best Real Estate Locations!

 Click Here to Watch Location Video

 

CONDITION: Inside and Outside   

·        Layout you either like it or not?

·        Roof

·        Walls

·        Windows and Doors

·        Electrical

·        Pluming

·        Ceilings

·        Flooring

·        Kitchen and Baths

·        Pool if a pool home

With a FHA 203K you may have all new if you like to.

Many book have been published on home inspecting so if you like to read and learn then head to you locale library,

or just watch the video shows below to learn more!

 

This concludes First Time Home Buyers How To Buy Bank Owned Homes “so get out there and start making some deals OK.”