FORECLOSURES

Foreclosures are properties that are owned by the bank. When making an offer on these properties, the bank requires a Proof of Funds Letter, for the cash you are using and/ or a Pre-Qualification Letter, if getting a loan. Banks typically respond quickly to offers versus a short sale, which can take months and months to hear back. It is best to submit your best and highest offer – remember others are looking for the same great deals you are.

TIP: Buyer’s beware of liens attached to properties you are purchasing through a bank. If Banks offer to pay for the title insurance let them BUT hire your own title company to do a separate search to ensure you will receive a clear title.

 

 

Switch to our mobile site

© Copyright 2011 Claire Johnson, PA