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Foreclosure Homes and other types of distressed properties can appear to be attractive at first blush, but you should know what you're getting into before you get serious about investing in any foreclosure home or property.
Foreclosure homes are typically owned by lenders such as banks, mortgage companies, and government entities or insurers. There are many reasons why these institutions will price their foreclosure homes attractively. This is largely because the majority of foreclosures are sold AS-IS, and many need serious repair.
Many of these foreclosure homes have significant amounts of deferred maintenance, which makes the cost of repairs much greater than may be obvious. When you seriously consider buying a distressed property, it's extremely important to know how much of a financial margin you'll need to take care of fix-ups, improvements, and the unknowns.
If the challenges in sizing-up foreclosure homes wasn't enough to make you apprehensive about buying a home, you'll also need to arm yourself for negotiations with the bank. Bank negotiators will attempt to alter contract provisions, push unreasonable property inspection rules, and force other terms into the contract that'll increase the risks. Banks make more money this way, and that's how the game is played.
The bottom line is that bank asset managers will do everything possible to sway the transaction in favor, and to maximize profits. Banks are not interested in win-win negotiations or fair-mindedness. And they won't lose any sleep trying to take advantage of you!
With years of experience selling foreclosure homes, we provide expert assistance in negotiating and dealing with bank asset managers. When you choose us to represent you, you'll know how to buy the best properties from the banks' foreclosure inventory. And, we'll prepare to negotiate the best deal for you, too.
Get started by calling to get help with a foreclosure home purchase. Call Mike @ (303) 514-4000.
Michael Dagner is an expert in Denver-Area home sales.
Call today, (303) 514-4000, for help with your home sale or purchase.
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The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
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