Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?
These days we’re seeing a lot more REO bank foreclosures for sale in Myrtle Beach. Buyers are finding some great deals. Recently, one of my clients bought just what he was looking for – in great condition, at an amazing price. But his experience reminded me again that buying an REO bank foreclosure is not for everyone.
Here’s what it takes to buy an REO bank foreclosure. You must be Qualified, Prepared, Knowledgeable and Patient. [This is the first of a four part series.]
Buyers must be Qualified – Here are three simple questions to ask yourself.
· Can I afford to buy property in Myrtle Beach? Banks require that you supply a “pre-approval” or “proof of funds” letter with your offer. Line up your finances first – even before you begin to look. Everyone’s finances took a hit in 2008. If you still have great credit or cash available, you’re able to buy.
· Is this the time to buy property in Myrtle Beach? I think folks will look back at 2009 and say, “I wish I had bought property then – when prices were low, interest rates were low, and there was a lot of property to choose from.” Do you agree? If you do, you’re ready to buy.
OK – you’ve lined up your finances and you believe 2009 is a great year to buy property in Myrtle Beach. Now it’s crunch time.
· Can I make a quick decision to buy a specific property in Myrtle Beach? Great deals don’t last long and local investors have a real advantage.
On the deal I mentioned above – we found the property at 7:00 am… did a walk-through at 9:00 am… priced out the costs of making the property “rental ready” by 12:00 noon… wrote up an offer with proof of funds by 2:00 pm… and received an accepted offer back from the bank by 4:30 pm. The entire process took less than 10 hours.
Someone else’s buyer made an offer at 9:00 am the following morning… but it was too late. We already had an accepted offer.
So what do you think… are you QUALIFIED to buy an REO bank foreclosure? If so, that’s the first step. Now you need to think about preparation, knowledge and patience. In my next posting, I’ll explain what it takes to be PREPARED.
Can’t wait to find out more? Call me at 1-888-494-8654. I’d be happy to talk you through the process… and help you find a great deal.
[...] you need PATIENCE. My buyer [see part one] followed the market for over a year before he found what he was looking for. And when he did, he [...]
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