Saturday, June 2, 2012

Buying a Foreclosure. - Bill Cox

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Hello. My name is Bill Cox with Realty Executives of Hickory NC. I have been selling Real Estate in the Hickory and surrounding areas for over 25 years. Today, I am going to speak to you on the topic of 

Purchasing a Foreclosure

Are you interested in purchasing a foreclosure in the Hickory area? Currently there are 160 foreclosed single family homes listed for sale in the Catawba valley association realtors multiple listing service. Whether you are looking for an investment to use as a rental, a home to refurbish and flip, or a home to use as your personal residence , chances are, there is a property waiting for you. These properties range from needing total renovations to being move in ready.
A couple things to keep in mind when purchasing a foreclosed home. When an offer is submitted on a foreclosure, a proof of funds, if cash, or a pre-qualified letter, if obtaining financing, must accompany the offer to purchase. Therefore, it is important to have your finances in order when you begin to look at properties. Homes that are a good deal, usually go fast, and sometimes have several offers come in at the same time. 
Secondly, most foreclosures are sold in as is condition, and the sellers will make no repairs. Occasionally, you can negotiate some repairs, but that is not the norm. However, there are mortgage programs that will include the price of repairs into a mortgage and allow the repairs to be made after closing. Most foreclosure companies will give you 10 days to do your inspections, and to get out of the contract and get your deposit refunded, if the home is not satisfactory.
Finally, most companies want the home to close within 30 days of a signed contract, and some will even charge you a per day fee if the deal is not closed on time. Usually, you can get this fee waived, but while purchasing a foreclosure can get you a deal, it is important, to be prepared beforehand.
For help in purchasing a foreclosure or any other Real Estate need, feel free to contact me on my cell at 828-381-7449. Feel free visit me on the web at, where you can shop for foreclosures or any other Real Estate properties.
I am Bill Cox with Realty Executives of Hickory NC. Hope you enjoyed viewing this video and find it informative. If I can help with any of your Real Estate needs, please do not hesitate to contact me.