If you have visited www.JamesWedgeworth.com you have noticed a special section marked foreclosures.  We monitor our website activity and we get more hits on this part of the website than anywhere else.

Most people are not prepared to purchase a foreclosure.  Buying a foreclosure is pretty simple:

1) Banks like cash deals

2) Banks only sell property “as is”

If you are financing a foreclosure, you need to get your financing approved and make your offer a cash deal. 

When you purchase a foreclosure, you are buying it at a greatly reduced price and you are probably going to do some minor fixes.  Asking the bank to problems is not an option.  If you are interested, you should get an inspection completed prior to making an offer.  I realize that is an investment on your part, but that is the only way you can do it. 

Most banks are also requiring “proof of funds”.  Several of my sellers have resisted wanting to give the bank financial statements or copies of their accounts.  That is just the way it is.  They are not willing to sign a contract with you unless you can show that you have the money to close. 

You have to realize that sometimes banks don’t get back to you immediately.  It might take three or four days to hear a response.

There are often multiple offers on foreclosures. 

Banks are not interested in doing trades or lease purchases – they only sell one way.  Be prepared!