Purchase of foreclosed property directly from the bank
Buying a foreclosed property directly from the bank.
US banks offer hundreds of properties every day.
Buying a foreclosed property directly from the bank is the best and most profitable option.
The first advantage Of course, when buying a property directly from the bank is the price, we can buy assets at a significantly lower price than market prices.
The second advantage It is cash purchase - CASH MONEY - cash plays a major role here and the bank prefers buyers who buy cash over those who need to take out a mortgage.
Buying from the bank can take a lot more time, we will have to deal on some properties and many times we will get a negative answer. To buy a foreclosed property you need patience, it takes time to win the property. Today in some markets we have to deal with ten tenders in order to eventually win one property.
But here it is not over, you have to renovate the property, which also takes time, and then advertise the rental property until a tenant enters another month and all we have to do for ourselves. That's why it's the hardest and longest way to buy property in the United States. But this is the most affordable way.
The asset search and filtering is done through a system called MLS. The MLS is a platform where brokers advertise assets and is only accessible to brokers, so the first step in the process is to contact brokers who specialize in buying foreclosed assets.
A good broker knew to make a filter for his investors and send them only the best assets. After we have established relationships with a number of brokers, we will have to ask them to send us assets from the MLS once we have precisely defined the area and the various parameters.
How do I submit an offer and what is proof of funds / EMD? Everything in the video.
# Entrepreneur this week buying curved property directly from the bank. Banks in the United States offer hundreds of properties for sale every day. Buying curved property directly…
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