Oak Harbor Realtors – Making The Deal Easy

While many Oak realtors deal with sales that involve both a seller and a buyer, some will also deal with foreclosures. These sales are a bit different because there is no seller other than the bank. A home that has gone through the foreclosure process has been taken back from the original buyer by the bank because that buyer did not make the loan payments. The bank had no choice but to take what was purchased with the money since they were not actually going to get that money back.

However, what the bank or the mortgage lender really wants is not a house, but the money. The lender will then put the foreclosed home up for sale to attempt get back what was loaned out originally, and people can come in and make offers. There are a few ways in which buying a home like this is different than buying a traditional home, even when working with Oak Harbor realtors who may be able to offer both.

First of all, the foreclosed home will probably cost less than it would on the open market due to the fact that the original buyer paid for some of the mortgage. The only case when this would not happen is if the buyer failed to make any payments at all.

If they did pay for five or ten years, that money has already been recovered. Most lenders would prefer a quick sale, so they will take off that money in order to move the house in a hurry. They could get more if they priced it competitively, but that might mean waiting weeks or months for the house to sell. A foreclosure could go in a matter of days. Another thing about this type of purchasing is that the house may inspire a bidding war. Many lenders will use the low prices to draw a lot of attention from people who want to get a great deal. They will then talk with the Whidbey Island realtors and field offers, comparing them against one another.

If someone decides that they really want the house, they could come in $5,000 over the low asking price, thinking that they are already getting such a good deal that it is worth it. However, this can push other potential buyers to do the same thing, and they will keep increasing the amount that is on the table. Take the help of oak harbor realtors for more details. The house will usually not exceed the market value, but it may end up selling for close to that value despite starting so low.

This writer has adequate information about real estate sector and properties available for sale in the area of Whidbey Island.