Tips in Buying Foreclosed Properties (Foreclosurephilippines.Com)
31 Questions you need to ask when inquiring about a foreclosed property
Have you ever tried calling up a bank to inquire about a foreclosed property that interests you and you found yourself forgetting a lot of questions that you were supposed to ask? You then quickly say thanks and just hang up but when you finally compose yourself and remember what you wanted to ask, you have second thoughts because you feel too embarrassed to make another call. I’ve been there and I know how it feels. However, there is a solution for this. All you need is practice and a ready set of questions that can serve as your script so you can ask questions like a seasoned real estate investor.
Here goes…
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1. What are the payment terms? You need to find out what’s the minimum down payment, how long are the payment terms, interest rates, and whether the interest rates are fixed, and the monthly amortization. 2. Can you give details about the property like the type of property (single detached, town house, multi-door apartment etc.) number of bedrooms, toilet and bath, parking slots, etc? 3. Can I buy the property without the need to go through a public auction? This is an offshoot of my experience with pre-auction bids. 4. Is the property occupied? 5. If there are occupants, have they already agreed in writing that they are leaving the property by the time it gets sold? If not, move on to your next property or say thank you and hang up. Trust me on this! 6. If the occupants will be leaving, what is the buyer’s assurance? You need to determine if the seller will give back all the money you may have paid by then like your show money and down payment if in case the occupants don’t honor the agreement to leave. 7. Does the property have a clean title? 8. Can I have a copy of the Title? You will need this to get a certified true copy at the registry of deeds plus trace-back (a trace-back is the previous TCT or CCT which has been cancelled and
Have you ever tried calling up a bank to inquire about a foreclosed property that interests you and you found yourself forgetting a lot of questions that you were supposed to ask? You then quickly say thanks and just hang up but when you finally compose yourself and remember what you wanted to ask, you have second thoughts because you feel too embarrassed to make another call. I’ve been there and I know how it feels. However, there is a solution for this. All you need is practice and a ready set of questions that can serve as your script so you can ask questions like a seasoned real estate investor.
Here goes…
[pic]
1. What are the payment terms? You need to find out what’s the minimum down payment, how long are the payment terms, interest rates, and whether the interest rates are fixed, and the monthly amortization. 2. Can you give details about the property like the type of property (single detached, town house, multi-door apartment etc.) number of bedrooms, toilet and bath, parking slots, etc? 3. Can I buy the property without the need to go through a public auction? This is an offshoot of my experience with pre-auction bids. 4. Is the property occupied? 5. If there are occupants, have they already agreed in writing that they are leaving the property by the time it gets sold? If not, move on to your next property or say thank you and hang up. Trust me on this! 6. If the occupants will be leaving, what is the buyer’s assurance? You need to determine if the seller will give back all the money you may have paid by then like your show money and down payment if in case the occupants don’t honor the agreement to leave. 7. Does the property have a clean title? 8. Can I have a copy of the Title? You will need this to get a certified true copy at the registry of deeds plus trace-back (a trace-back is the previous TCT or CCT which has been cancelled and