Posted by Heather Tyler, REO Manager
Many people are unaware of the pros and cons of buying bank foreclosure properties. However, guests at our foreclosure seminar on April 17 came away much better informed.
I’d estimate that about 25 people attended the seminar, which was held at the Burbank Association of Realtors hall. Brad Korb served as moderator for a panel of three that included one representative each from LaRocca Inspections and Countrywide Financial, and me.
My role was to explain the process of purchasing a foreclosure property. The Countrywide official followed up with details about loan options, and the spokesman from LaRocca Inspections talked about the importance of home inspections and gave tips on things buyers should watch out for with regard to foreclosed homes.
Brad often points out that there is a misconception that banks go into “fire sale” mode and unload foreclosure properties for pennies on the dollar. In reality, banks don’t do that – these homes are usually fixer-uppers at the bottom of the price range because they require hard work on the part of the buyer to fix them up and sell them for a better price. For buyers who know what they’re getting into, they can be fantastic opportunities.
