Littleton Foreclosures - Finding Deals on Littleton Homes
Every buyer we work with looking at Littleton Homes always has a number of questions about Littleton Foreclosures. Home buyers want to know what the risks are associated with these types of homes. They want to know about financing limits and requirements. But most importantly, they want to know if a Littleton Foreclosure is a good investment.
Types of Littleton Foreclosures
The world of foreclosures is a confusing one. There are government owned foreclosures and bank owned foreclosures. In addition, both of these types of foreclosures have different bidding and offer processes. Add to that the sea of short sales, and it's easy to see why many buyers come to us confused.
First, let's tackle Government foreclosures. Both HUD and Fannie MAE offer foreclosed properties to the public, but the process to place offers on these two types of homes tends to be different. HUD homes usually allow owner occupants a week to place bids on homes prior to HUD accepting bids from potential investors. This initial bidding period allows several bids to be placed by different buyers and usually results in bidding wars for the better Littleton Homes. If no acceptable bid is placed on the home, then the HUD home acts like a traditional Littleton Foreclosure. All bids are looked at as they come in and HUD can accept any bid it deems sufficient.
Fannie Mae homes typically have open bidding for non-investor buyers for the first week and then bids from investors are accepted. However, the first week bidding process is not open for a set period of time. Instead, Fannie Mae can accept any acceptable non-investor bid in this first week period.
Financing for Littleton Foreclosures
Once a home buyer understands the many types of Littleton Foreclosures, they need to understand the opportunities for financing these homes. Currently, finding a mortgage for a foreclosed home offers more opportunities than finding financing for a traditional home.
While buyers can use traditional forms of financing (convention mortgages and FHA mortgages), both of these government foreclosure programs are offering fantastic financing deals with $100 down programs on HUD homes and 3.5% in closing cost assistance on Fannie Mae homes. This can be a huge help to buyers who would normally have to come up with 3.5% in down payment funds plus up to 3.5% in closings costs to buy a home.
How to Find the Best Littleton Foreclosures
With all of these financial incentives, it's easy to see why so many buyers are looking at Littleton foreclosures for their next home. However, because of these programs, there is an increase in demand for these homes. Here's how to beat other buyers out:
1.) Find the homes first: You need to work with an agent that can notify you the day a Littleton Foreclosure comes on the market. Waiting even one extra day can mean another buyer gets a bid in before you. Find an agent that can set you up on a daily email alert.
2.) Don't be afraid to bid high: Many times, Littleton foreclosures come on the market well below their market value. In the Littleton homes market, this usually causes a bidding war. If you try to under bid the home, you will usually get beat out. Don't be afraid to submit bids higher than the list price. Have your agent do a market valuation of the home and bid accordingly.
3.) Stay on top of your bid: Typically, once you submit a bid, it takes 2 to 3 days to hear back from the bank. Make sure you have an experienced agent that knows these programs and is following up with the bank on your bid's status. Many times a good agents gets their client their home because they talked with the bank and found out their clients only needed to increase their bid by $500 to get the home.
Remember, Littleton foreclosures move fast. If you stay on top of the market and make intelligent bids, you can save a substantial amount of money compared to traditional Littleton homes.
About the Author:
The Brian Petrelli Team has over 50 years combined experience selling Littleton Foreclosures and Littleton Homes. Whether you're looking for your first home or your next investment, use our expertise, free email alerts and free services to find your next Home.
Article Marketing
66 people like this article
