You may take a look at some of the prices of Shawnee foreclosures and think, well these aren’t so great. Yet, you need to check the current market prices as they are always below what the prices are of homes being sold on the traditional market. Additionally, such as other real estate properties for sale, you have to be ready to push the negotiation envelope. Don’t think for a minute that the prices that you find on foreclosure listings are at the bottom. They can definitely be negotiated down if you can give the bank or lender good reason. Get the facts regarding area homes, state or condition of the home, inspection results. In other words, get the facts, and prove to the lender why they need to lower the price some more. The banks are losing money every day the house sits without an owner, so they may be more open than you may think.
Don’t limit yourself to only REO’s (Real Estate Owned by banks and lending institutions). Homes for sale by owner may be a clue that the owner is having difficulty making his mortgage payment and is looking for a way out before going thru the traumatic and embarrassing foreclosure process. Additionally, the government has repossession and tax lien homes available that are sold by auction approximately once a year. You can write to them to be added to their mailing list for foreclosure listings and repo listings as well as the dates and time of the sale.
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Written by Alex Rolim.
