BUYERS GUIDE TO BUYING FORECLOSURES and SHORT SALES (PRE-FORECLOSURES)

Step 1: Get Your Finances in Order:

This is a very important step and must not be dealt with lightly. Use a reputable Bank or Mortgage Company. You are better off to use a Florida lending institution because they know how business is done in Florida. With today's lending standards it can be tough for even those with good credit to get the loan they thought they might. In addition, some banks won't loan you the money if the house you want to buy is in need of major repairs.

Step 2: Get Pre-Approved for a Mortgage:

There is a difference between Pre-Qualification and Pre-Approval. Pre-Qualifications are pretty much a credit check and not much of anything else, which can make all the difference. So to save yourself a lot of trouble, make sure you are totally Pre-Approved; the foreclosure bank usually won't accept anything less. Also be aware, banks may pre-approve you and then tighten their lending standards down the road before closing. If you wish, we can help you through the process of pre-approval. Cash is King; this may be true but a foreclosing entity will most likely want to see Proof of Funds, so don't be offended.

Step 3: Work With a Good Realtor:

It can't be stressed enough how important it is to work with a Realtor that understands how the banks operate. You can listen to all the infomercials you want, but you'll save a lot more money and time in the long run by working with an agent who has been down the foreclosure road many times before and has what it takes to solve the problems that are almost always encountered. Mark and Lorraine Anderson are a winning team of Realtors and have the expertise to help you close on the home you're buying.

Step 4: Understand the Foreclosure Bank or Mortgage Company:

What this means is the bank or Lending Institution is not a logical, rational human being and what seems to make sense to you and the rest of the world may not make sense to them. So be prepared for their actions to be unpredictable. Hurry Up and Wait: when it comes to financial institutions they want it now and time is of the essence! This means that they will want your offer presented immediately, your deposits must be on time, your inspections must be on time, your mortgage commitment doesn't dare come a day late, and your closing must take place exactly on the date indicated on the Sales Agreement, otherwise the bank may fine you for every day past the original closing date or cancel the transaction and try and keep your deposit.

Helping Buyers Locate, Contract and Close on Florida Foreclosure Properties!