5 Tips to Find a Deal Buying Foreclosures in Oregon

While the number of foreclosures has gone down in the past few years, there are still great deals to be found! However not every foreclosed home is worth the money! Make sure you know what to look for so you can find a deal buying foreclosures in Oregon.

Pay Cash or Get Pre-Qualified Before Making An Offer

Before making an offer on a foreclosure property, it is advisable to consider two important options: paying in cash or getting pre-qualified for financing. The foreclosure market is known for its competitiveness, often attracting seasoned investors who are well-versed in the intricacies of the market. These investors have the advantage of being able to make immediate cash offers and possess valuable knowledge about newly available properties.

To effectively compete with such investors, it’s crucial to have the financial flexibility to act swiftly. Paying in cash can be a powerful advantage, allowing you to seize a great deal before others have the opportunity. The ability to make an immediate offer without relying on financing or navigating bank procedures gives you a significant edge. By avoiding delays caused by the bank’s red tape, you increase your chances of securing your dream home before it slips away.

Alternatively, if paying in cash is not feasible, getting pre-qualified for financing is an essential step to enhance your buying power. Being pre-qualified means that a lender has evaluated your financial background and determined the loan amount you are eligible for. With pre-qualification in hand, you can confidently make offers on foreclosure properties, demonstrating your seriousness as a buyer and your ability to secure financing promptly.

It’s crucial to note that regardless of whether you choose to pay in cash or get pre-qualified, conducting thorough market research and staying informed about new property listings are vital. Working closely with experienced real estate professionals who specialize in foreclosures can provide valuable insights and guidance, helping you stay ahead of the competition.

When it comes to purchasing a foreclosure property, establishing a direct line of communication with the listing agent can greatly benefit your buying process. These agents possess valuable insights into the bank’s operations and requirements, allowing you to tailor your offer accordingly and increase your chances of success.

Listing agents who specialize in foreclosures have a deep understanding of how banks operate in these transactions. They can provide crucial guidance on what the bank is seeking in an offer and the most effective way to present your proposal. By proactively reaching out to the listing agent, you gain access to their expertise and insider knowledge, saving you valuable time and potentially reducing costs.

Building a relationship with a foreclosure listing agent can yield further advantages. They may add you to their exclusive list, notifying you promptly whenever new foreclosure properties become available. This privileged access ensures you are among the first to learn about potential investment opportunities, enabling you to act swiftly and secure desirable properties before others.

By bypassing intermediaries and engaging directly with the listing agent, you establish a direct line of communication with the asset manager at the bank who holds the decision-making power over the sale. Developing a rapport with the listing agent enhances your chances of receiving timely updates, receiving personalized insights, and ultimately gaining a competitive edge in the foreclosure market.

Working directly with the listing agent specializing in foreclosures streamlines the buying process, minimizes potential roadblocks, and maximizes your chances of success. Their expertise, connections, and ability to keep you informed about new properties align with your goal of saving time and money while navigating the intricate world of foreclosure transactions.

In summary, paying in cash or getting pre-qualified for financing are strategic approaches that give you the freedom and agility to capitalize on excellent opportunities in the competitive foreclosure market. By being proactive and well-prepared, you increase your chances of successfully acquiring your desired property, ensuring you don’t miss out on the early bird advantage in this fast-paced market.

Look For A Lender Who Will Provide Repair Assistance

Some lenders will consider a loan on a foreclosed property so long as you are able to show that the property will have a much higher value after some repairs. Some lenders will even offer repair assistance if they feel there is potential for a high return on the home.

Do ALL Your Homework

Some investors will bid on a foreclosure without ever seeing it. They plan on gutting the house and redoing it for a quick flip, so they don’t take the time to see the house for themselves. By going to see the home yourself, you will be able to see a lot more than what the pictures tell you.

  • What are the other houses in the neighborhood like? Are the other houses owner occupied? Are the homes well maintained?
  • Maybe the listing agent took pictures hastily and forgot to mention the 2 car garage or the new covered patio in the backyard.
  • Know what other homes are going for, as well as the history and demographics of the area.
  • You should always have an inspection done, so you don’t end up buying a “Money Pit” house!

Work Directly With The Listing Agent

The agent listing the home is likely to have a familiarity with the bank and understand exactly how they work. Go directly to them and find out what the bank is looking for and the best way to get your offer to them.

The agent will have a relationship with the asset manager at the bank who can approve or deny the sale. Form a relationship with a listing agent who specializes in foreclosures.

Often times they can add you to a list, letting you know when new properties are available. Working directly with the source will save you a lot of time and money.

Look On Government & Bank Websites

Foreclosures owned by both the Department of Housing and Urban Development and all the major banks are available on-line. These properties are often also advertised through a listing agent, who you can contact directly with your offer.

These lists are updated daily and many offer email notifications if something matching your criteria becomes available.

The bottom line is you need to prepare for an impersonal, and competitive process. Think like an investor, and do not get so caught up in “getting a deal” that you pay more than you should!

If you’re looking to find a deal buying foreclosures, PDX Home Buyers can help you now! Fill out this simple form, and we will be in touch! Or give us a call anytime! (503) 893-9107

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