PURCHASING A BANK OWNED HOME

Should I buy a foreclosure? 

Purchasing a foreclosure is not very different than purchasing any other home.  Your home purchase should be based on what’s best for you, your family and your needs.  Let us know what’s important to you so that we can find you the perfect home.

What is the process of buying a foreclosure?

The first step is getting preapproved with a lender.  Banks will not consider an offer unless the buyer has already been pre-approved.  

What are the benefits?

Bank-owned homes are often priced slightly below market value.  The property will also be vacant when you view it, so you’ll have a better idea of the home’s condition.  When the property transfers to the new buyer, the title is clear and the property is free of all liens. 

What are the downsides?

Because banks often price their homes well, there are often several buyers submitting offers at the same time.   If a buyer is interested in a particular home or neighborhood, they should submit their offer early.  Some bank-owned homes may need some work.  This can be as simple as a fresh coat of paint or as complex as replacing the kitchen and bathrooms.  Depending on your ability and needs, we can work with you to find a home that you’re comfortable with.

Can I perform an inspection?

Many banks will sell their homes without an inspection period.  However, EVERY home sold with the Sean Ferguson Team allows you time to time to perform an inspection BEFORE your contract is valid.

What does “Sold As-is” mean?

You will be purchasing the property in its current condition.   However, some banks will make repairs and even install appliances to meet FHA standards

Can I get a home warranty?

Yes!  We can provide you with information on several home warranty companies that cover everything from plumbing, to Air conditioning to you your appliances.  

What are the benefits of buying a foreclosure over a short sale?

A Short Sale is when an owner is trying to sell their home for less than what they owe.    The price you see advertises is never officially approved by the seller and your offer could take weeks to get a response.

When a bank puts a foreclosure on the market, they have performed analysis, prepared the home for the market and determined a price.   This makes responses to your offer quick and direct.  

What areas do you service?  The Sean Ferguson Team services all of Central Florida, including, Orange, Lake, Osceola, Polk, Seminole and Brevard Counties

What is the best area to buy?

For every buyer, there is a different answer.  You may be purchasing an investment home, a second home for Florida vacations, or your primary residence.  Based on your needs, we’ll help you find the perfect home in the perfect location.

What financing is available today? Can I still get 100%?

There are numerous options available today.   Some lenders are still qualifying applicants for 100% financing.  Based on the area that you purchase in, special government loans may be available as well and in some cases, down payment assistance is available.  Lending requirements, interest rates and available loan programs vary often.   If you don’t have a mortgage broker, we can recommend several to you and help you get the best loan possible.

The Ferguson Group

The Ferguson Group407-574-4424