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Buying Austin Foreclosures - and How NOT to Get Burned by the Bank!
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Sometimes the idea of buying Austin foreclosures and thinking that you can get a better deal than buying a regular home can become a horrible financial nightmare for you – especially if you don’t fully understand how the bank can burn you buying foreclosures in the Austin Texas Real Estate market! After buying and negotiating hundreds of bank owned foreclosure home sales for myself and clients, I can personally assure you that you have fare less 'brain-damage' by choosing an EXCELLENT and very knowledgeable Austin Texas real estate agent and Realtor to help you buy Austin foreclosure homes. Why’s this so critically important?
Here’s why…
You don't make money on real estate when you sell it - you make your profits when you buy it!!! Free Foreclosure Home List
You DON’T want to try and to buy Austin foreclosures without using an EXPERT FORECLOSURE Austin Realtor because you’ll get burned financially from the banks that own the foreclosure homes. Nothing is worse than buying a foreclosure home in Austin and learning 2-3 months later that you could have bought it for $5,000 to $10,000 less – or there were BIG repairs that needed to be made - and it costs you an extra $5,000 to $10,000 or more!
Losing $5,000 to $20,000 (that you DID NOT need to) usually pisses off most Austin foreclosure home buyers I talk to!
Buying an Austin foreclosure is a strategic battle you MUST wage against the banks – as they are trying to get a maximize price for the home at your expense! And, they laugh at those buyers that ‘think’ they can get a better deal buying directly from the bank or the banks listing real estate agent. That’s the #1 mistake Austin foreclosure buyers make!!! See more city information at my home page.
You MUST understand and more importantly, your expert Austin Texas Realtor had better understand how to ‘beat’ the banks – so you get a great deal and DON’T get burned financially. Even months after you close on a home. Financial disasters lurk in these bank-owned foreclosure transactions for the unwary and unknowledgeable buyers. Why do you need to hire an expert Realtor – and why can't you just buy these directly from the banks?
The biggest reason for this is because you need to have certain legal clauses "deleted" in your purchase offers and, you need to have about 3 legal clauses "inserted" into your contract too. You must understand the Foreclosure Additional Provisions Disclosure you’ll get from the bank – and you’d better be able to read WHAT the banks’ attorney are deleting and not covering from the State of Texas Residential Contract.
If you don't – you’re going to get burned financially and leave money on the table! Call me – I can help explain this to you!
You must use an expert Austin Realtor to write your Contract and to negotiate the bank’s Counter-Offer you will get 95% of the time! Rarely have I ever written Contract that was not countered!
You had better have a great real estate agent in Austin – or you risk losing money on the home, losing a low priced Austin foreclosure home to a more competent buyer (and their smart Realtor.) Or worse yet – losing the house and LOSING ALL YOUR EARNEST MONEY DEPOSIT too!!! You absolutely DON’T want to be working with an inexperienced Austin Realtor when you’re buying Austin foreclosure homes. These bank owned foreclosures and transactions are VERY complicated compared to buying regular resale Austin Texas homes.
You must also know what a Special Warranty Deed is. Do you?
You must know and understand what AS-IS means to you legally. Do you? (I've personally bought 5 foreclosure homes myself - and have the expertise to help you buy Austin foreclosures and bank owned homes too.)
When you call me, I'll explain to you very clearly the huge financial benefits and all the financial perils & problems might have. As for buying Austin foreclosure homes - PLEASE READ THIS NEXT STATEMENT VERY CAREFULLY TOO! Many banks take multiple offers on their Austin foreclosure homes – so you may be competing against other buyers too – not just one-on-one with the bank.
You might want to re-think about writing low-ball offers – especially if you are getting an absolute deal to begin with! Why risk losing your ‘cherry-deal’ with $25,000-$75,000 of equity in it – to someone else!
You can hire an expert Austin Realtor like myself who will show you how to write Purchase Offers that will you safely buy your next Austin foreclosure home without getting screwed financially.
Dealing with these clever foreclosure banks is a real ‘pain-in-the-rear’ for me - but I always find great deals for myself or my clients because of my expertise in dealing with the foreclosure banks. I can help you search for and find excellent deals on Austin foreclosure homes and distress sales that matches your specific buying criteria, and in the price range and part of Austin you’re looking for.
Please read my article on non-owner occupied loans if you’re wanting to buy rental homes or do fix and flips.
You’ll also want to be very smartest and get Pre-Approved before you do anything else. This way, you will see what your exact loan terms and what your monthly house payments will be – and to make sure you can even get financing!
Let me know how I can help you buy an Austin foreclosure home, as I’m damn good at helping foreclosure home buying clients!
Thanks,
Jeff Boyce
512-289-9900
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