subject: Are Columbus Bank Foreclosures For You? [print this page] Are Columbus Bank Foreclosures For You? Are Columbus Bank Foreclosures For You?
Columbus bank foreclosures are available in various locations across the city. You can contact your real estate broker or agent and ask for leads to these stellar properties. The homes are highly popular mostly because of the quality of life the city can offer. Many people aspire to move to this city and start a new life so if this is your plan as well, you have to be able to move fast and close in on the home of your dreams.
As in any bank owned properties, Columbus bank foreclosures are sold at a fraction of its real value. Discounts can run as high as 50 percent if one is really intent on finding a good bargain. And since all distressed properties require some level of renovation and repairs, the savings you make from the discount gained on the purchase price can be used for this purpose. But buyers need to be diligent in finding all the hidden and incidental costs that go with buying a foreclosed property because the expenses do not end with just the purchase price and the cost of repairs.
What You Need to Do
The first thing to ensure is one's capability to purchase a distressed properties. In financial terms, this is known as a loan pre-approval. A document issued by any bank or lending institution signifying that a person can indeed take out a home loan based on his financial situation. Getting pre-approved for a loan by a bank requires a showing of documents and other proof of one's good credit rating and steady income source. This bank certification will also indicate the loan amount that a borrower may be authorized to take out.
Your negotiations will move faster if you are represented by a licensed real estate agent operating in Columbus. Banks seldom deal with direct buyers as they too appoint an agent or broker on their end to transact in their behalf. When you make an offer through your representative he will then turn it over to the bank appointed agent. This agent will inform your representative whether your offer is accepted and conclude the transaction if you do decide to purchase any one of the Columbus bank foreclosures for sale.
