Is a short sale, foreclosure, or HUD home purchase the right home for you?

When I initially meet with a potential buyer client for the first time, one of my first question is time frame.
When do you NEED to be in your new home? Are you in a lease, or do your kids need to start the new school year, etc.

I will review the differences between purchasing a short sale and a bank owned or REO property. If you have a specific
date in mind, then a short sale purchase is NOT recommended. It can take some time just to receive a response to your
offer, and then you will typically need to move quickly on the transaction. I typically recommend these types of home sales to someone who has no deadline, or investors.

Bank property, REO properties, and HUD homes CAN be a great deal, but you need to know what you are getting into prior to even making an offer. In most cases, they are sold AS IS. Some will not have any utilities on, or they can only be turned on for the day of inspection. There can also be some hiccups along the way, depending on any title issues that may need to be resolved prior to closing.

In either of these cases, just know what you are getting into PRIOR to going out and looking at these types of property.

Read more here: CO-GuideToPurchasingBank-Owned