When purchasing Albuquerque foreclosure properties, it is critical to use the right loan product. Albuquerque listing brokers often enter information concerning available or special loans or property conditions in the multiple listing service (MLS). Examples of these comments shown on the MLS includes:
- See property condition reports that states NO WATER can be turned on,
- No utilities can be turned on,
- Renovation loans are available.
As listing agents for Albuquerque foreclosure properties, we repeatedly receive offers on our listings where the buyer’s broker is either not reading the comments in the financing available section, or they simply do not understand the specific loan guidelines. Working with a buyer’s broker that understands Albuquerque foreclosure properties is an important piece of the transaction.
So, one might ask – why does the right loan matter?
In the example above, an appraisal must be done for the loan. The appraiser needs to turn on all mechanicals and makes sure that they are working. If there are no utilities, the appraiser cannot complete their job and the loan cannot proceed – game over. This results in very unhappy buyers and could easily have been prevented.
With many Albuquerque foreclosure properties, a renovation loan may be the only loan product available. When looking at purchasing Albuquerque Foreclosure properties and using financing, one should investigate renovation or rehab financing options. The renovation loan can make the difference between a sale that closes or a sale that crashes. Based on the condition of some REO properties, special financing may need to be used. It is vital to have a solid understanding of what types of loans or options work on a given property. Another option that can help a buyer purchase Albuquerque foreclosure properties is when a lender does an escrow holdback, which provides funds so repairs can be made after the sale – but not all lenders do this.
Buyers need to make sure they are working with a lender that specializes in getting Albuquerque foreclosure properties financed. Not all lenders are equal in this area – I know, I’ve sold over a thousand Albuquerque foreclosure properties. If you are looking to purchase Albuquerque foreclosure properties, we can put you in touch with a knowledgeable lender – contact my buyer’s specialists today for more information 505-559-4480.Share