Usually, when you want to save some money on buying a new home, you will try to get a foreclosed one. At least that is what everyone says, right? But what exactly is a foreclosed home? How should you go about buying one? Before you can hire your Chapel Hill movers, you need to have a home to move your belongings into. And if you are buying a foreclosed home in Chapel Hill, this is the guide for you! We will explain the whole concept of foreclosure and provide you with some useful guidelines. So, without further ado, let’s begin!
What is a foreclosed home?
When someone falls behind on their mortgage payments and defaults on their mortgage, lenders have the right to take the property away from them. This is called a foreclosure. Usually, the lenders are banks who wish to get back their investment as soon as possible. That is why they offer a foreclosed home for less than its actual market price.
There are always a few of these homes for sale, at any given time. Recently movers Carrboro NC has had a lot of work moving people to formerly foreclosed homes, for example. You should also know that the banks are more prone to negotiation than other sellers, so you can take advantage of that, as well. Here is how you should go about buying a foreclosed home:
Buying a foreclosed home in Chapel Hill – You will need:
An agent
First, and the most important, thing is to find yourself an experienced real estate agent. Ideally, this agent has a lot of foreclosed deals behind his or her belt. The fact of the matter is that these types of deals come fast and go away fast. You need someone who has been in that ballpark and knows what is what. What you are looking for are persons who have specialized in this, such as Short Sales and Foreclosure Resource experts (SFR) and Certified Distressed Property Experts (CDPE).
Of course, you can always negotiate with the bank directly. You will not need to pay the commission but you will be losing out on security and the expertise.
Preapproval letter
If you have a lot of cash lying around, you can ignore this. For all other mortal men and women, a preapproval letter is needed. Since the deals on foreclosed homes go real fast, this letter separates the people that look from people that buy.
You will always have the upper hand in dealings with the banks if you have such a letter in your possession.
Buying a foreclosed home in Chapel Hill – Knowledge of comparable properties
Also, either you or your agent need to figure out the good price to offer for a foreclosed home. Buying a foreclosed home in Chapel Hill is all about knowing how much each house is worth. Do some analysis of similar properties that have already sold, as well as some tax assessment history evaluation and the actual pace of home sales in Chapel Hill.
If all goes well, and you move in, you might want to get to know Chapel Hill the best way. There is beauty to be found in this place and you will surely enjoy the experience.
