It probably goes without saying, but buying an Albuquerque foreclosure, like any property, can be tricky. There are several things to be aware of. It's my opinion that having an experienced Realtor and mortgage professional can save a person quite a bit of money and agony.
One thing buyer's should ask is what would a reasonable offer be. I can't tell you how many people read a blog or article on the internet and think they can low ball the bank into selling a property. Here's something that everyone should remember - the bank is not stupid. They know what the market is and what properties are going for in certain areas. They get broker price opinions (or BPO's) from several Realtors to produce a competitive listing price. If they don't see the property moving within a certain time frame, they will reduce the price by a certain percentage.
So, what could a good offer be? Like I said, consult your Realtor (or me if you don't have one). And don't be surprised if the offer should be 5-8% less than the list - not 25-50%. If they were giving them away for that much off, we would all be in (more) trouble. Also, don't be afraid to ask for the seller to pay for a percentage of the purchase price toward closing costs if you are not in a multiple offer situation. A lot of the time the bank will consider it. And one more thing. If you really like it, chances are that someone else likes it as well. Make your move! Don't wait if you think its the one for you.
Bottom line - When buying Real Estate in Albuquerque, consult a pro. Like you would consult a doctor if you had sharp pains in your brain because without the right help when buying a home, you could very well feel that same brain pain.
by Tim Fish
by Tim Fish
What a great blog and great advice! Tim, you never cease to amaze me. What a Realtor!
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