I offered on a Foreclosed Home, now what?
By Tracy Lee Parker, Buy*Sell*Rent
(RE/MAX DFW Associates)
I offered on a Foreclosed Home, now what? There have been more than 608,000 foreclosure sales year-to-date -- accounting for more than 26% of all real estate sales, according to RealtyTrac.com. In August alone, foreclosure filings hit 338,836, according to the firms latest data, which means another influx of homes waiting for buyers. The lenders will probably but the homes out in batches as not to flood the market with lower priced homes. Here are some questions people have asked me: If I'm buying a foreclosed home and I have submitted an offer that's caught in the freeze what can I do? Be prepared to be in limbo until the lender decides if the home foreclosure was accurate. Your agent can check in weekly, don't expect the bank to call you. Being persistent may push the offer through fa...
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