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The source for Central Florida REO/Foreclosure buyer's and REO asset managers and servicers.

Investing in foreclosures is an excellent opportunity to purchase real estate at fair market value, or depending upon market conditions, below fair market value. The foreclosure market does create investment opportunities; however there are risks and the procedures involved that are much different when purchasing “general” real estate. It is a wise course of action to be cautious when purchasing foreclosures and it is strongly advised to work with a professional to help take you through the process.

The entire process of purchasing a foreclosure is different and a buyer needs to understand that their patience and cooperation will be needed. Each lending institution has different policies and procedures but in most instances these lending institutions will require the following:

• Offer response may take between 2 – 7 days.
• Multiple offers are commonplace.
• Special bank addendums are required.
• Buyer must provide a pre-qualification letter from their lender.
• Buyer must provide proof of funds for cash offers.
• Buyer must provide an earnest money deposit.
• Properties usually sold as is.
• No verbal offers will be accepted.
• Seller will not warrant the presence of condition of personal property.
• No pre-occupancy prior to closing.
• Repairs are not allowed prior to closing.

These are just a few of the major differences between purchasing a foreclosure home versus a traditional purchase. The Next Generation REOTeam will provide you with the expertise, knowledge and experience to take you through the entire process and has all of the tools and resources to search out all of your foreclosure purchase opportunities.