And Then We Wait ...
As your buyer's agent, I will let you know right upfront that if you would like to make an offer on a foreclosure property - it will take awhile to get a response from the seller.
Each foreclosure sale is unique. I have sold some foreclosure homes in the Northern Illinois area where the negotiating process went fairly quickly.
The other side we are negotiating with is typically a mortgage company or bank and their response comes during business hours only. And usually a response takes several days from when the offer is first presented.
Once a response from the selling side is finally received, they usually want to close in under 45 days.
There are some great deals to be found when buying a foreclosed home. But you need some flexibility as to when you can close on a home and when you need to move.
Each foreclosure sale is unique. I have sold some foreclosure homes in the Northern Illinois area where the negotiating process went fairly quickly.
The other side we are negotiating with is typically a mortgage company or bank and their response comes during business hours only. And usually a response takes several days from when the offer is first presented.
Once a response from the selling side is finally received, they usually want to close in under 45 days.
There are some great deals to be found when buying a foreclosed home. But you need some flexibility as to when you can close on a home and when you need to move.
Jim Starwalt
Thinking of making a move? Log onto my website at
www.StarHomeFinders.com and search the Multiple Listing Service from over 150,000 homes for sale. Registering is quick and easy!Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com
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