Here are some tips:
- Get Pre-Qualified - The lender wants to see if you can buy it (they don’t want it back again).
- Be Decisive - There is no emotion when buying a distressed property comes in to play.
- Distressed Homes Can Be...Well, “Distressed.” - Put your rose-colored glasses on, very often these homes need work.
- Get Ready For Real Estate Psychological Games - Some listings will be sold immediately upon listing, some will be listed low to generate a bidding war (works every time), some will be under contract but still show as available, and some lenders simply will not negotiate until they get their price.
- Work with Professionals - Work with a skilled buyer’s agent and a reputable lender. A professional agent will guide you through the intricacies of a real estate transaction in order to structure the right deal to protect your interest.
- Established relationships with REO Asset Managers and Agents
- Continual monitoring and forecasting of the Westside market
- Perform appraisals (BPOs) on distressed inventory
- Extensive experience with qualified lenders and attorneys.
- Successful and verifiable track record in helping buyers and sellers.
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