Tips for your offer to stand out

Brought to you by Kelly and Wanda, The Partners With Panache

While bank-owned homes are plentiful in many markets, they aren’t always easy for a buyer to get. Foreclosure sell at bargain prices — sometimes at 35 percent discounts when compared to nonforeclosures. These ultra-low prices are attracting investors and all-cash offers, which makes it difficult for other buyers' bids to win out.

So how can your offer beat the competition to get a foreclosure?

Get the first look: Fannie Mae and Freddie Mac’s First Look program offers first-time home buyers and others who need financing and are looking for a primary residence the first opportunity to see bank-owned homes before investors. Buyers have a 15-day window to submit offers before investors have the opportunity to start bidding.

Submit a competitive offer: Homes priced at heavy discounts can be in high demand and attract multiple bids. Lowball offers won’t likely get far. Our advice? Offer the most you feel you would ever pay for the property. 

Make a large deposit: If you want to get the banks attention, offer a larger than typical good-faith deposit. Just remember that if you have to back out of the deal for some reason, you may be at risk of losing the deposit.

Contact us to schedule a private consultation to discuss specific strategies in how to assure you get the next foreclosed property you fall in love with!

If you are thinking of buying or selling a home in Northeast Florida, we would love to help you, contact us (904) 280.1115 and let us help you achieve your real estate goals!