Sellstate Metro Realty
Contact Info - Tel: 972-499-6900 / Fax: 972-499-6800 / Dir: 972-838-8583 / email me
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Questions Frequently Asked by Buyers
Q: How can I see the property, can you show it to me?
A: If you're already working with an agent, your agent would be more than happy to show you the property. If not, call our buyer agent, Mindy Farris at 972-907-0000.
Q: How do I make an offer on a foreclosure?
A: Unless it's a HUD property, it's not unlike making an offer on any other home, except that there are probably some addendums and special forms that will eventually have to be completed. We can help you through the entire process.
Q: How long will it take to get a response from the bank?
A: It varies, but be patient. As foreclosures have increased in our area, asset managers are carrying large portfolios and workloads. It can sometimes take several days just to get an initial response.
Q: The seller rejected my offer, why didn't they counter?
A: Your offer was probably too low. If the seller believes your offer is reasonable, they will always either accept it or counter it. If you're wasting their time, they won't bother. They're too busy!
Q: Will the seller pay any buyer closing costs?
A: It depends largely upon your offer. The seller is concerned with the net proceeds. If your offer is too low, they probably won't, but if your offer is high enough, there's a better chance that they will. The closing costs you're requesting are effectively lowering your offer amount.
Q: The property is listed "AS-IS". What does that mean?
A: This simply means that the seller does not intend to do any repairs, which includes items that you may identify during inspections. The seller is typically aware of any repairs that are needed, and has priced the property accordingly.
Q: Does this mean something is wrong with the house?
A: No, not necessarily. Professional home inspections are a good way to determine if any repairs are needed.
Q: How much was owed on the house before it went to foreclosure?
A: We don't know, and it doesn't matter. The seller doesn't base their sales price on the original loan. They intend to sell for as close to market value as possible.
Q: I'm paying cash, can I get a better deal?
A: Probably not. It's always cash to the seller at closing, so they don't usually care. Cash buyers can typically close more quickly, so that may have some positive effect in the negotiations, but not much...
Q: Can I include repairs in my financing?
A: It's best to ask your lender about this. Some will allow it, some won't. It usually depends largely upon your credit, what type of loan your getting, how much the repairs will cost, and how much the property appraises for. Some lenders have home renovation loans designed just for this purpose. Rolling repairs into a conventional loan is often one of the vehicles used for loan fraud, so be reasonable. A new water heater doesn't cost $10,000...
- Sellstate Metro Realty
- 1651 North Collins Blvd. Suite 100
- Richardson, TX 75080
- Tel: 972-499-6900
- Fax: 972-499-6800
- Dir: 972-838-8583
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