Thomas Paralegal

Some property owners may attempt to sell their property before it is foreclosed. That means they could lose their entire equity if the buyer is not found quickly. Buyers of real estate know that the best time to approach sellers who are in foreclosure is sometime before the property is sold. If it goes on sale, the buyers may get the property at a good price, but the terms would be stiff— all cash. This may be difficult if the buyers have not developed a quick source of cash through their bankers or friends. If the buyers meet with the distressed sellers prior to the sale, the sellers may be motivated to dispose of the property up to 30 percent under market. The sellers may accept extremely creative terms with some flexible carry back financing. Perhaps the buyers could trade them a recreational lot and a personal note. These sellers are not in a position to drive a hard bargain (Beckley, supra),

Tags: Business

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