Pinecrest Florida Real Estate and More...

To get your offer on a foreclosed property accepted I have found it helps to:

1. Act quickly; the good buys are going very fast - sometimes within hours!

2.  Fill out the contract and the additional forms required by the bank completely; they just don't have the time to chase you down to ask you question.

3. Make your offer as strong, simple and clean as possible; this is not the time to get creative, have contingencies, etc.

4. Submit your offer with a bank letter verifying proof of funds or a pre-approval letter from a recognized lending institution.

5. Be nice to the listing agent - she can really help you out!

The main difference between writing a contract to buy a Foreclosed property (a property that is owned by an institution) and a Short Sale property (property that is in a financial stress but has not been foreclosed on yet) is control of the process.

Here are two contracts I am currently working on:

1. On May 8th I presented the listing agent a contract to purchase a Short Sale property.  On May 12^th the contract was accepted by the Sellers.  The listing agent sent the contract to the mortgage company for their review and possible acceptance, rejection or counteroffer.  To this date, June 24^th, we have absolutely no idea if this contract will go through or not; Mortgage Company hasn't made any decision.  In the meantime, the Buyer has his earnest money tied up.  This contract is totally in the hands of the mortgage company and they call ALL the shots.
2. On June 4^th I presented the listing agent a contract to purchase a Foreclosed property.  On June 18^th I was advised that the mortgage company accepted the offer and we will close within the next two weeks. 

Both contracts would be good "deals" for the Buyers.  But obviously Buyer #2 is a happy camper and Buyer #1 is out in limbo.

There is more to the mechanics of these two purchases, so if you would like to talk to me about Foreclosed and Shot Sale properties - just give me a call. 305-776-0010

Visit Me At: www.MarieStory.com

7/14/09 Update Buyer #1 is still waiting.  Buyer #2 closed in June.