Tips in Buying Foreclosed Properties (Foreclosurephilippines.Com)
1342 WordsFeb 18, 20126 Pages
31 Questions you need to ask when inquiring about a foreclosed property
Have you ever tried calling up a bank to inquire about a foreclosed property that interests you and you found yourself forgetting a lot of questions that you were supposed to ask? You then quickly say thanks and just hang up but when you finally compose yourself and remember what you wanted to ask, you have second thoughts because you feel too embarrassed to make another call. I’ve been there and I know how it feels. However, there is a solution for this. All you need is practice and a ready set of questions that can serve as your script so you can ask questions like a seasoned real estate investor.
1. What are the payment terms? You need…show more content…
19. Aside from homeowners’ association dues, are there any other expenses you will have to pay and how much? 20. Are there any arrears for utilities like water/electricity? 21. If there are arrears for utilities like water/electricity, who shall shoulder the updating of the arrears? 22. Are electricity/water connections available for the property to begin with? 23. If electricity/water connections are not available, How much would it normally cost for a connection to become available for your property? 24. If electricity/water connections are available, how much would a reconnection cost? 25. When shall the buyer be given authority to renovate the property or take control of it? The earlier you can renovate a property and have it ready for occupancy so it can be sold or leased, the better. Some banks give control of the property once the Contract-To-Sell (CTS) has been finalized or when the title has been transferred to the name of the buyer in case bank financing is through a mortgage. 26. How much can I have the property rented out or what are the rentals for comparable properties in the same area? 27. How old is the property? Of course a newer property is more desirable but an old property that is in good shape could also indicate a high build quality that could mean the property is built to last. 28. What is the condition of the property? You