(English) Top 5 Tips for Buyers of Distressed Properties
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Steve,
many agents overlook some important facts.Although cash is always king when it comes to closing a deal, there are financing packages available that can achieve almost the same thing . For example the 203K was a big deal back in the early 90s and late 80s and is making a big come back as a valuable loan when dealing with REO’s and short sales. When teaching my classes I am realizing the need to educate and make agents aware of the exisitance of these loan programs so they and get their lenders to help them close more deals with them. With a 203 K a buyer can borrow up to 110% of the after repaired value of a home. So not only can that 1st time buyer out bid the cash buyer but they can also get the funds needed to repair the property as well. We all know the default markets are growing dont be late to the party .Its no longer a matter of choice if you want to deal with Short sales or REO’s it is now a matter of survival as well as responsability to our clients and customers.