HERE'S HOW TO GO ABOUT IT:
Most home buyers start the process about 6 months prior to actually putting an offer in on a property. You want to get a good feel for the market in the area of your choice - what are properties selling for and what can you get for your price range.
The VERY FIRST THING YOU NEED TO DO, is to decide if yours will be a CASH offer or if you require a mortgage!
If you require a mortgage, you will need to get a pre-qualification (not pre-approval) - in other words, can your purchase be financed according to your income:debt ratio?
Once you have this letter (and please do not attempt to do this online as online pre-qualifications carry absolutely no credence when submitting an offer), then you will need an agent - a good, qualified agent who is experienced in the area that you are buying.
If yours will be a CASH offer, you will need to prove that you have the funds available to make the pruchase so be prepared to provide bank statements or statements of savings/investments.
14 - TCnbc Magazine
By Susan Burton Columbo, Remax Masterpiece, Port St Lucie
1) The 'As Is' Offer to purchase
2) Proof of funds for the down payment or cash offer. It is vitally important that the amount that you pledge (deposit or cash) be substantiated by amounts CURRENTLY in your accounts. If there is a shortfall, your offer will not be submitted.
3) The Mold and Drywall Addendum - this by no means, means that these exist on the property, but are disclosures to say that you are aware of the possibility that such may exist. Your offer will not be submitted without these!
4) Your agents:
Name
Phone number
Fax number
e-Mail address
Street address
5) The Buyers phone number and if possible e-mail address
6) INSPECTION TIME: Most banks will only consider offers that have a ZERO inspection time. Let's be fair, here ~ you are issuing an 'AS IS' offer.... this means that the bank will not perform any repairs, so what is the point of doing an inspection? If you would prefer to have an inspection, do so BEFORE the offer is submitted AT YOUR COST
By all means, cruise around and give your agent the addresses that interest you. Your agent will call the listing agent to get prices and showing instructions and send you similar properties that are currently available.
Form a short list of properties that you would like to see and make an appointment to preview - say 6 properties. From this list, you will hone in on perhaps two properties with which to discuss with your agent, as to which one best suits you and your affordability.
Once you have decided which property is the one for you, the fun really starts! For most buyers, this is the end of the line, but truthfully, it is the beginning of 'the dance'!
Your agent will ask you to submit an offer. The offer comes with certain requirements, depending on which bank (seller) you are dealing with, so don't be surprised at the 'hoops' that you will be required to jump through! The agent is simply doing his/her job.
Key to your success in any offer, be it a foreclosure or not, is the accuracy of the documentation that you submit.
Here is a short list of what is required to be submitted as 'the package' for a foreclosure: