Foreclosures

These days you can't go anywhere without overhearing people talk about foreclosures. It's as if they were talking about the holy grail. One woman called me today to see if she could just take over payments from a bank on a co-op without having to prove income, assets or even credit. I told her that this would be highly unlikely and even if it were possible she would still have to supply the information to a co-op board of directors who would very likely turn her down if her income wasn't sufficient to carry the nortgage and the monthly maintenance.

Often times I see uneducated buyers making outlandishly overpriced offers on HUD foreclosed properties which can be viewed through a link in our website @ www.Homebuyerscenter.com or by going to HUD's website @ www.hud.gov . These offers that buyers submit are often in excess of the property's true market value and at least 50% of the offers that are accepted fall apart because they fail to appraise for what the buyer is willing to pay for them. If only these buyers would take the time, to work with an exclusive Buyer's agent who's job it is to educate, inform and protect them, they'd be a whole lot better off.

Buyers listen up, a traditional real estate agent is not going to give you this advice. They would rather see you pay as much money as possible for these foreclosed properties. As I've said before, "Buyer Be Aware".