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Buying Foreclosures in Overland Park; not as easy as it seems

Buying a foreclosed home means getting a great deal, but when the foreclosed home is located in Overland Park, Leawood, Prairie Village and other areas of Johnson County; getting that great deal done can be tricky.

 

Foreclosed homes are selling fast in Johnson County and although being the first buyer to view the foreclosed property may give you an edge, that may not always the case when making an offer on a bank owned foreclosure as their acceptance of the offer can sometimes take a couple of days. This allows time for other offers to be presented to the selling bank and that’s when the fun really begins.

 

Will offering full price guarantee that you will get the deal done? Not really. And if the seller has received multiple offers, they will likely request for all buyers to acknowledge that there are multiple offers and to make their highest and best offer by a designated deadline.  Now, what do you do? How much should you offer to get your offer accepted over the others?

 

Before you make an offer, you may want to consult with an agent that specializes in purchasing foreclosures. One that can not only help you evaluate what the property might be worth as is, but also the cost of repairs and what the home will be worth when it is fixed up. The timeframe to gather this information and have your highest and best offer turned into the bank may be no more than 24 hours.  That’s a lot of information for you to gather without the help of an agent whose expertise is foreclosed homes in Johnson County.

 

When you do have all of these items together I strongly encourage you to do exactly as the seller suggest and make your highest and best offer, throwing away any notion of what the home is listed for as that has become irrelevant at this point.

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Sean Roque

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