Negotiating For A Foreclosure Home For Sale

in Property

Before buying a foreclosure home for sale, consider negotiating with sellers to get the best possible deal for your purchase. Do not be afraid to ask questions regarding the property, because once you have signed the contract for sale, it will be difficult, if not impossible, to get your money back from the seller.

What to ask sellers:

While negotiating with the property seller, ask how long has the home been on the market and how many times has it been listed before. Afterwards, ask how many other buyers have offered to purchase the property.

If the seller is the homeowner on a short sale, try to know why he or she has put the property on the market. Ask how much you would have to shoulder from lenders, who may require a buyer to pay for the balance of the property owner's arrears, once the home is sold.

Ask the seller if there are similar properties within the area that were sold recently and how much buyers paid for them. If there are none, ask for comparable sales in other locations.

Inquire about any financial encumbrances on the property and how it would affect you in the future. If you would have to shoulder the obligations attached to a foreclosure home for sale, ask if it is possible to refinance the contracts or renegotiate their terms.

Have the seller break down the closing costs, such as documentary, legal and delivery fees, and property taxes, among others. Do not hesitate to ask if the seller is amenable to slashing any of these fees if you purchase his or her property.

Ask the seller about the condition of the property. Know if it has any defects or damages and who would be the one to shoulder the expenses for repairs. Also, ask if the appliances, furniture or home ornaments would be packaged with the property.

Once you have asked these things to sellers, you would be able to get an idea of your final offer and justify why it is lower than what they want for the foreclosure home for sale.
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Joseph B. Smith has 1 articles online

Joseph B. Smith has been educating buyers on the finer points of foreclosure home for sale at for over five years. Contact Joseph B. Smith through if you need help finding information about foreclosure home for sale.

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Negotiating For A Foreclosure Home For Sale

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This article was published on 2011/02/17