Virginia is perfect for Foreclosure Listings Investors!
Virginia is perfect for Foreclosure Listings Investors!
24th July 2007
Author: Bob Smith
Virginia foreclosure listings are quickly becoming a source of real estate
bargains for smart real estate investors. What was once limited to those
¡°in the know¡±, is now becoming a more common practice. The ¡°new¡± real
estate investor is now scouring the market, which includes foreclosures for
the best deal on the market. After performing the research, contact and
negotiations with the lender, obtaining appraisals and inspections,
crunching the numbers, these informed investors are ready to place their
money on properties in distress. And the lenders couldn¡¯t be happier!
When its time to write up a contract, make sure you have the assistance of
legal counsel to be certain the paperwork is legal and binding. There are
several distinct and vital components to a contract. Let¡¯s review these in
detail.
1.Write a statement containing the physical address and legal
description of the property and your intent to purchase the property. By
now you know the physical address, and the legal description can be
obtained easily and inexpensively from any State Recorder of Deed¡¯s office
or Clerk¡¯s Office. The legal description is more important than just citing the
physical address as it completely details the property boundaries and
property description.
2.The price you are willing to pay for the property. This is not to say
that there will not be any further attempts at negotiating, however, any
transaction needs a starting consideration point. Be certain that if you
haven¡¯t done so already, you are able to obtain financing to fund the dollar
amount written. Getting prequalified is a great idea before naming your
price.
3.Down-payment terms. This is the amount of money you have
readily available to show you are acting in good faith. This money will not
be from the proceeds of the loan or mortgage, this is basically cash on
hand to make the transaction happen.
4.Your desired closing date. Be willing to be flexible,
5.Any contingencies that you have concerning the property or the
transaction taking place. Examples of this may be pending inspections,
waivers of liens etc. If its not written down, you will forfeit any down
payment if the contract does not execute.
6.Sign your name, address and phone number.
This transaction may have started with a simple Virginia foreclosure listing,
but may end in a home of your dreams and a sound financial future.
Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on Virginia Foreclosure Listings and other real estate- related topics, you can visit www.e-foreclosuresearch.com/. |
