Properties involved in a divorce, estate, foreclosure or other "quick sale" situation. Generally these properties can present real price bargains to someone with the cash to make the quick purchase. If the selling price is sufficiently low, you may be able to arrange exceptional terms through a mortgage lender specializing in tough loans, but the seller's usually won't be willing or able to get involved in long term financing. If you have a source that will lend you the down payment short term (on a personal note or possibly a second mortgage), you may be able to do a refinance home loan in 90 days to a year and take advantage of the higher appraised value to pay off the home loan and the down payment loan. It is important for the buyer to realize that it unethical (and illegal everywhere that I am aware of) for a real estate agent to tell a buyer why a property is being sold unless he has the seller's permission in writing or is working for the buyer under a written buyer's agency agreement. It is also unethical for a "seller's agent" to reveal that the seller will take less than full asking price, unless the seller has explicitly given permission. This bears repeating -- without the sellers' permission, a real estate agent shouldn't tell you why the seller is selling or what the seller's bottom line is. It can't hurt to ask, but don't expect to always get an answer -- if you are dealing with a competent, honest agent you probably won't!
In the Joplin area, if you would like help in finding these type properties, try out the AGENT ONLINE ™ Service. Specify that you are looking for low down properties on the form and mention this page. You'll get automatic email updates of new listings that meet your needs. You can also, follow this link to contact me by phone or email. Bear in mind what you just read above regarding an agent's duties -- if you are interested in distressed properties, you should probably consider hiring me as your buyer's agent. Outside Missouri and over about 50 miles from Joplin, please Contact me by email and I will refer you to a real estate agent ® in your own area who can help or in certain cases close to this area I may be able to help you myself.
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