5627 Touro Dr Port Orange FL

Wed, May 16, 2012 at 11:40AM

When Brian asked me to find them a foreclosure to flip, I accepted the challenge. They got a bank owned 3/2 in a great neighbor hood for low $70's. Homes in good condition are selling for 40-50k more in the same area. In a few weeks we will put this home back on the market to sell. Be prepared when buying a foreclosure. The process is nothing like a regular home. First the paper work comes straight from an attorney and you need to be an attorney to read it. The bank accepts no responsibility for the home,which is typical. If you give a low ball offer it could take weeks to negotiate.(it once took me 3 weeks) Most banks wont accept less than 3% off asking price. Once you have a deal, most title companies are in other cities which adds to the frustration. They aren't in any hurry to close your deal! Your buyers agent will have to call them daily to get the ball rolling and stay on course for closing. You can get a great home that is bank owned ,but prepare your self and use a experienced agent like Carlos Ring.

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