Monday, February 27, 2012

Persistence & Communication Key in Buying a Foreclosure

What’s Behind The Blue Door of Real Estate

Scenario

We recently worked with a buyer who was purchasing a foreclosure – it went under contract in August of 2011. Later, a lien was discovered on the property that the bank’s attorney had not found.  The buyer’s agent negotiated with the bank to absorb the lien. They submitted weekly extensions to the contract due to the delay during this negotiation. The bank agreed to pay off the lien and the buyer got to close in January.

Yes, it C – L – O – S – E – D …

It seems like everything we hear is negative when buying foreclosures, but what we aren’t hearing much of are stories like this that result in a positive outcome. The road is tough but the persistence pays off.

Often times buying a foreclosure seems daunting because buyers aren’t sure how to start preparing for what can happen in the process. Yes, it can be confusing.

This home closed because the buyer knew what he was up against and understood these things. Importantly, he chose Marshall Morgan, a qualified Realtor he trusted from our High Point office, to help him weed out the confusion, deal with the bank and communicate on his behalf. Together they held on until the process was over and the home was finally theirs.

So, the moral to the story is:  hang tough through the transaction, ensure you have good agent representation, keep a calm head and remember, communication is key.

Well, two morals to the story…even though it is required, good thing the buyer did a title search.


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