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Purchasing ShortSale Property or a foreclosure ?
Am I guaranteed a bargain when purchasing a bank owned property ?It's sometimes assumed that any foreclosure must be a good buy and a chance for easy money. This isn't necessarily true. You have to be prudent about buying a REO if your intent is profit from the sale. While it's true that the bank is often eager to sell it soon, they are also motivated to get as much as they can for it.
 When pondering what to pay for a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. There are bargains with potential to make money, and many people do very well buying and selling foreclosures. But there are also many REOs that are not good buys and may not be money makers.
Time to make an offer?Most mortgage companies have a department dedicated to REO that you'll work with in buying REO property from them. To get their properties advertised on the local MLS, the lender will often contract with a listing agent.
Before making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about their knowledge about the condition of the property and what their process is for taking offers. Since banks almost always sell REO properties "as is", it may be in your best interest to include an inspection contingency in your offer that gives you time to check for hidden damage and cancel the offer if you find it.
Your deal might be final in a single day, but that's usually not the case. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer. BestBuyFloridaHome.com, Inc are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.
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