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Buying a foreclosure
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Money: Buyers must be financially qualified and ready to buy. The best properties go quickly. Buyers must look strong to lenders.
Motivation: Buyers must be motivated to compete successfully. Our agents urge their buyers in this market to be clear about both their “motivating why" and their criteria for the property itself (size, location, condition, floor plan, etc.)
What’s happening in your market?
Location: Contrary to the rumors, prime buying opportunities exist in almost every neighborhood and price range.
September 09.09.12
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Condition: Buyers should understand that repair costs are not necessarily large. The Agency’s Distressed Property Buying Survey shows the average cost to repair to be $5,000—that’s less than 3 percent of the median purchase price in the U.S. today.
September 09.09.12
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Expert Help: Finally, smart buyers know they need to be even smarter—they become a team with a local expert agent who knows local property, pricing, lenders, and the best listing agents. A strong listing agent can be a critical advantage in seeing a distressed property through from contract to close.
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