How to Tell if a Listing is a Foreclosure

Did you know that banks often do not permit listing agents to identify homes as foreclosures in advertising?  Most people do not realize this little known fact, and often blaze right past foreclosures in the mls.  Here are some clues that help you to identify a hidden bargain:

1. Description states that the house is being sold As Is-Where Is.

2. Description says that buyers will be required to sign additional disclosures or addendums.

3. Description indicates that some type of special financing is available for the property.

4. Description indicates that investors may not bid for a certain time period.  Foreclosures that are government owned often carry this provision because they give preference to buyers who plan to live in the property.

5. Description says that there is a bidding period of x number of days.  Some banks take this approach to encourage multiple offers and get the best price possible for the property.

These are just a few indicators that you can watch for when looking at properties online. Of course, the best way to buy a foreclosure is to work closely with an agent who specializes in them. This insures that you will be the first to know about any new foreclosure listing that hits the market. 

If you are interested in a foreclosure in Cookeville, Sparta, Livingston, Monterey, Gainesboro, or Baxter TN, I can help.  I specialize in the following Upper Cumberland counties: Putnam, Overton, White, and Jackson.

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