About 75% of the Buyers that we are representing are homeowners and not investors. They are looking at their home purchase as a long term commitment and not a quick turn investment. This is a great time to be in the market for a home. Bank Owned Foreclosures will continue to lead the market in sales for some time to come. Keep an open mind and realize that many of these homes will need repairs. Many are missing appliances and fixtures. Here is a list of things for you to consider when shopping for one of these bargains.

• Make a detailed list of all items that need to be replaced or repaired.
• Go to Lowe’s or Home Depot and find out how much it will cost.
• Have your Realtor include a one year home warranty and have the seller pay for it.
• You will have a due-diligence period to inspect the home. Use it wisely and get a home inspection.
• Many of the Bank Owned Homes that are in good condition are getting multiple offers. Be realistic and reasonable if you want your offer to be accepted.
• Most of the Banks sell these homes “As Is”. Your offer could get rejected if you ask them to make repairs.
• Ask for a short close of escrow period. The bank will like you.
• Get Pre-Approved for a loan, not Pre-Qualified.
• Read all the home owners documents over during the due-diligence period.
• Stay in your comfort zone. (price range).
• Remember, when you make an offer on a property, it should be a win-win for all parties or as my dad used to say, “ take some and leave some”.