New Incentives To Buy A Fannie Mae Foreclosed Home By Bold Real Estate Group

7 Jul

Everyone has heard how good of a deal you can get when you purchase a foreclosed home but just how good is “good” and how do you negotiate a good deal?

Finding the Deals

Remember that negotiation dealings will vary depending on the current stage of the foreclosure process.

• First, to get a great deal you should consider fixer-upper foreclosed homes for a higher profit margin. Fix the property up and instantly you’ll increase the value in the home. This type of distressed property can be purchased under market value with a renovation loan to take care of needed repairs.

• Check prices in the neighborhood. Your realtor will do comparisons of the most recent six-month period. You’ll want to stay at least 20 percent below the median price of recent sales in that neighborhood.

• Search bank websites since many list their foreclosed properties for sale online.

• Look up government-owned listings. HUD and Fannie Mae, just to name a few, both list their foreclosed properties online. Once you find a home you’re interested in, your agent will make an offer through the representing agent of that property. But the departments warn that the homes are sold “as is” and after the sale is made, the government is not responsible for any repairs or problems.

Negotiating with the seller (banks)

Find important clues to cleverly negotiate with the banks;

• Days on the market: How long has the property been in the market?

• Offers received: How many offers have been received so far? You may not necessarily get an exact figure, but it does not hurt to ask. Is the foreclosed house under contract or are there any pending offers? Was any contract canceled? Was it due to a financing contingency or inspection?

• Condition of the foreclosed property: Age of the house, roof, appliances, air-conditioning unit, water heater, etc.
While a foreclosure seems like a good deal, foreclosures can come with some downsides including homes that have liens against them. It can also be difficult or downright impossible to inspect foreclosed homes in advance of their sale, which means there’s no time to check if the basement is flooded or if there are any appliances left.

So while its harsh, it’s still true that you can benefit from others misfortunes by seeking homes reclaimed by lenders. While foreclosed properties do involve risk the bargains are way-to-good to pass up.

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to

Servicing:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island and New York real estate.

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