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Buyers Preferred Service
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We created the Buyer's Preferred Service for buyers that are serious about finding a home. There is zero obligation for this service and no fee. Preferred Buyers are placed ahead of all my clients and given attention specifically focused on meeting their exact needs.
Preferred Buyers Receive Completely Free:
1. Priority Listing Identification – We search local listings daily to find the home that fits exactly what you desire in a home. We will then email, fax or call you with the homes we find, depending on the method you desire.
2. One-On-One Personal Attention – We will make myself accessible so you can reach us at any time. Your calls will be taken as priority, no matter when you call.
3. Flexible Scheduling – We will open my schedule to ensure We can show you any desired home on your timeframe.
4. Comprehensive Education – We want you to feel comfortable, so we will take the time to answer your questions and provide you with plenty of material so the process of buying a home is enjoyable and not filled with uncertainty and stress.
5. Priority Team – During the process of buying a home, if you need any outside services, we have a list of local companies that deliver superior professionalism in their fields. You are not required to use these providers. This service is provided so you have the option to work with providers that have a proven track record.
Sign Up Is Easy
Please send me an email with exactly what you are looking for and I will then start sending you updates of listings that match your specified criteria. You will be amazed on how easy this premiere service makes it to find a home!
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Buying Bank Owned FAQ'S
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Why should I buy a buy bank-owned REO?
One of the primary advantages of buying a bank-owned REO property is that investors are purchasing a property without liens or other encumbrances. Before lenders make REO properties available for sale, they typically expunge all liens or claims against the property. Any cloud on the title — a second or third mortgage, mechanics liens, taxes or any other liens attached by creditors — are wiped out. Moreover, skilled investors can negotiate with the lender’s loss mitigation department to discount the price to a fraction of its market value. Besides negotiating price, many buyers of REO properties also negotiate favorable lending terms below existing market rates.
What is an REO?
REO is an acronym for real estate owned and is industry jargon for foreclosure property repossessed by banks or lenders. If a lender or bank is the highest bidder a foreclosure auction — or if no third party bids at the auction — the property reverts back to the lender and becomes an REO. REOs are owned by banks. Lenders go to great lengths to sell REOs. For banks, however, bank-owned homes are a liability.
Where can I find REOs?
There are several ways to locate bank-owned REO properties. With the advent of the Internet, finding bank-owned REO properties is easy. First, investors can search for thousands of bank-owned properties online for free at USHUD. Another way to locate REOs is to go directly to lenders themselves. Each lending institution, however, handles REO properties differently. The BEST and SAFE way is to contact a trained, experienced negociator that works for YOU! Call Philip Sousa and his Team TODAY 508-243-1422
How can I buy a bank-owned REO?
Anyone can buy a bank-owned REO. The challenge for real estate investors is to reach the person who can make the decision to sell the bank-owned REO property. Each lending institution has different rules and requirements on how they sell bank-owned REO properties. Contact us at 508-243-1422 to find out what they require to purchase an REO property.
What are the advantages of buying bank-owned properties or REO homes?
For real estate investors and homebuyers, bank-owned properties and REOs offer opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process. Buying bank-owned real estate offers the foreclosure buyer many advantages:
* Bank-owned properties are usually sold at below-market prices with great terms like low down payments and low interest rates.
* Buying bank-owned properties involves less risk and less competition.
* Foreclosures that are owned by banks are usually clear of any liens that may have been recorded against the property.
* Since the seller of REO homes is also the lender, you can negotiate with the bank to have them pay for all or some of the closing costs.
* Bank-owned properties are usually vacant because the banks have evicted the previous owner, saving the investor or homebuyer time, money and emotional toll involved in the eviction process.
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Grants and down payment assistance in Fall River & New Bedford Ma
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There are homes for sale in Fall River & New Bedford Mass that qualify for the city grant program.
You may be eligible to get a grant ( free money ) to buy a home if you meet the requirements.
Fall River grants program eligible properties include 1-4 family units & condos located in Fall River
New Bedford grant program eligible properties include 1-4 family units located in New Bedford MA
Other programs available offer down payment & closing cost assistance
Restrictions apply. Call or e-mail me today to see if you may be eligible.
You may be eligible for a grant up to 6% of the purchase price for a home -that's $12,000 on a $200,000 Home!
For a free list of homes for sale in the New Bedford & Fall River Ma area including foreclosure homes please contact me at508-243-1422
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Facing Foreclosure? Consider a Short Sale
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Have you ever known anyone who has become behind on house payments due to some kind of hardship? I'm not talking about spending too much, but a hardship like a death or a spouse, job loss, divorce or a major illness. Before considering bankruptcy or having the bank foreclose on the property, consider what is known as a short sale.
A short sale happens when an owner is behind on payments and the house is worth less than what is owed. A lender may agree to a short sale, agreeing to accept less than what is owed. In order for a short sale to be agreed upon, the home owner must prove a hardship situation to the lender. Other things the lender will require include 2 years of tax returns, a financial worksheet, bank statements, pay stubs and a few more items.
Another leading cause of being upside-down on a mortgage is because of creative lending. Being upside-down simply means owing more than the home is worth. Many people facing foreclosure have adjustable rate mortgages. When interest rates rise, so do payments and it is difficult for many people to make the additional payment. Other loan programs have allowed people to buy putting no money down. Other loans have even offered greater than 100% financing. So if there is a financial hardship and owners get behind on payments, they very well may be upside-down with the lender.
There are distinct advantages for a home owner in doing a short sale versus being foreclosed upon or declaring bankruptcy. A bankruptcy is very bad on a credit report. What most people don't know also is that a lender can still come in and foreclose on a home even if it is a homestead and the seller has declared bankruptcy. A foreclosure is even worse on a credit report than a bankruptcy. With a short sale, the only penalization on the credit report is for the missed payments.
How can a home owner recognize if the lender may foreclose on the home? The first thing that usually happens when someone becomes behind on payments is a letter from the lender stating that the seller is in arrears. The big warning signal is getting a letter from a lender stating that unless payments are brought up to date by a certain time period, they will accelerate the loan. This means that they are going to call the entire amount owed due.
If a home owner is facing a financial hardship and falls behind, he should consider calling a REALTOR® to talk about the possibility of a short sale. An owner should make sure the REALTOR® has a good understanding of the short sale process before deciding to work with him or her. An experienced REALTOR® will have access to all the paperwork, the lender's short sale contact information and can be ahead of the game in terms of contacting a lender before the lender starts foreclosing.
If you or anyone you know is facing a situation that might lead to a short sale, please contact me immediately at 508-243-1422.
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