How To Buy Foreclosures Like A Pro - Experts & Education
Part One focuses on Education and Experts. If you are planning to buy this year, I recommend that you surround yourself with three experts to make sure you are getting the best deal, you are avoiding pitfalls and you are protected. The three experts I recommend are the Realtor, Lender, and Title Attorney. I would search for and interview candidates in your area who are high performers and have experience with foreclosures.
Many buyers are tempted to represent themselves or have the listing agent represent them in a real estate transaction in the false hope that they will save money. This can be a huge mistake on many levels, and I would never recommend this strategy to buyers. In fact, I decided as a business practice not to represent both sides of any home that I sell for one reason. It is impossible to represent the best interests of two competing parties in a real estate transaction. Also, the seller is typically obligated to pay the listing broker the entire commission if the buyer is not represented. Therefore, no money is saved by the buyer or the seller when you represent yourself.
Besides steering you in the right direction, these experts should be giving you an education on the foreclosure and real estate market in your area. This education will prepare you for what you need to do and what you should expect from the seller. This education will also make the buying process less stressful, less time-consuming and should lead to a better buying experience. In the upcoming articles in this series, I will go into further detail on some of the strategies to use and pitfalls to avoid when buying real estate and foreclosures in Nashville.