FORECLOSURES & SHORT SALES

A foreclosure is a property where the owner(s) were unable to make the mortgage payment.  The owners of the mortgage (usually a bank) have taken the property back. The property is then listed for sale with different realtors.

A short sale is a property where the owner(s) are trying to sell their property for an amount the owner of the mortgage will accept to satisfy the balance of the mortgage. This is usually an amount less than the balance owed on the property.

If you would like to purchase a "foreclosure" or "short sale" property, you will need to contact a realtor, like myself, and have him write an offer for you. The realtor will present the offer to the bank.  The bank will either accept, reject or counter-offer your offer.

All of the properties are ususally sold in "as is" condition. This means you get the property as it is and the seller will not make any repairs to the property to make the sale.

You will always have the option to have the property inspected by your own inspector at your cost , should you feel you need to have this done.

The first thing to do to get started is to get "Pre-Approved". A mortgage lender will do this usually for no cost or the cost of a credit report.  If you do not have a mortgage lender, I can recommend some that I have worked with and trust completely.

You must have this done because a "pre-approval" will have to accompany any offer you make. You will need to know what you can afford to offer for the property.

After you are pre-approved I will help you find an acceptable property that meets your requirements.

I have sold forclosures and short sales for over 15 years and I know what I am doing. Purchasing one of these properties can be costly if you do not have  a competent realtor to guide you through the process.

If you would like to proceed, please e-mail me at Dick@DickBoltz.com
or give me a call at (847) 401-8570.