Palm Springs Real Estate Foreclosures
Use the links below to view Palm Springs real estate foreclosures and bank owned homes for sale in each Palm Springs area city. If a foreclosure property is not listed, it likely already has an accepted offer on it. Sheri Dettman and her team are happy to check the MLS for more information on any foreclosure property.
Tips For Buying A Palm Springs Real Estate Foreclosure
Foreclosed properties in the Palm Springs area can be referred to as Bank Owned, REO (real estate owned) or simply as foreclosures. The great thing about a bank owned property in La Quinta, Palm Desert, Rancho Mirage, Indian Wells, Indio or Palm Springs is what you see is what you get. The bank has already foreclosed or taken back the property that was possibly a short sale up to that time, and listed its price and sale terms. The bank is poised, ready and able to accept a reasonable offer – and, here's the important part – usually in a timely basis.
Cash Or Financing When Buying A Foreclosure?
Foreclosure buyers with cash offers tend to receive a higher interest level from many banks. Banks want to be assured that an accepted offer stands a high chance of closing, which usually moves cash buyers to the front of the line if their offering price is equal to or close to a finance buyer’s offer. That said, a strong offer with pre-approved financing can work as well.
Helping You Win A Foreclosed Property
Sheri and her team assists buyers of Palm Springs area foreclosure homes on a regular basis. Keep in mind that to be able to submit an offer to the bank, cash buyers must submit proof of funds in the form of a recent bank statement. Finance buyers must submit a pre-approval letter from their lender before an offer can be submitted. The key is being ready to submit this information quickly as many REO’s tend to sell quickly. Sheri and her team will assist each buyer in submitting this information.
The Banks Listing Agent Myth
Early on during the bank crisis, banks put their listing agent totally in charge of gathering and submitting offers and many times it cost the banks plenty. Banks wised up and now most banks have buyers agent submit all offers directly to the bank for review. This way the bank really gets to see all the offers on each property. And for smart buyers, they get their own agent to look out for their best interest!
Once Your Foreclosure Property Offer Is Accepted
After acceptance by the bank and buyer, foreclosed properties enter escrow just as a non-distressed property does. Buyers typically have a time period specified in the purchase agreement for making property inspections and competing their due diligence. As in a traditional sale, a buyer may choose to back out or walk away from a foreclosure purchase without penalty during the due diligence time period. This due diligence time period is identified up-front in writing for each buyers protection during escrow.
We have succeeded in winning bank owned properties for a growing number of buyer clients. Many banks and their REO agents in the Palm Springs area know that we have a track record of getting bank-owned transactions completed. Our buyer clients know upfront and during the negotiation process with the bank what it takes to win a bank-owned property and complete the transaction in a timely basis. Preparation, experience and communication are key.
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