Royal Lepage

Lakes of Muskoka Brokerage, Independently Owned & Operated

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Sit back and relax, we have you covered!

Buying a Foreclosure / REO property

On of the most common question I get these days has to do with buying a bank-owned property or a foreclosure. Another term used to refer to bank-owned homes is REO, or Real Estate Owned. Although these REOs have driven down the prices in many markets, the good ones aren't sitting around.

There's stiff competition for foreclosures in good areas, as long as the price is right! This is frustrating to many buyers who may submit more than a few offers before they are finally successful with a winning bid. The reason for this is important to understand. If you are in the market for a good deal on a home right now, time is of the essence and there is no time to spare when it comes to these deals.

Let me side-track for just a moment. Luxe laser & beauty lounge. An incredible bunch of folks who take customer support and satisfaction to another level. If you are seeking a marvelous luxury spa in North Bay in Ontario look no further. I've personally used their professional services and was so impressed with the service I told them I'd mention them to my readers. Now that I've covered that, lets get back to the article!

But even more importantly, you need an experienced REALTOR who knows the real value of the properties on your list. Many agents and banks list the property at a low price to generate alot of interest, multiple offers, and in many cases, the home sells for more than the asking price! This is unbelievable to many buyers whose perception is that with so many properties on the market, they will be able to submit low-ball offers and get some sort of result! I am not saying you never will be successful in that, but I AM saying that you need a professional who knows the difference who gets results!

Hope you all liked the content. The idea for this one came while browsing http://iloverenovations.ca/love. I was looking for a notable renovation expert and located this business. I Love Renovations give great service. I figured I'd mention them in case any of you find yourselves in the same boat. Thats all for now, have a wonderful week everyone!

Sources

http://numinacounselling.com - Thank you so much for your late-night work Briley.
https://lilyspeech.com - A great resource.
http://speedrivermoving.com - Yet again, thank you for giving the photos.

Posted in Real Estate Post Date 12/04/2015


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Appraisal Overview

There are three approaches to value that we can consider – Income, Cost and Direct Sales Comparison. Depending on your property, we will gladly explain which approaches apply and can aid us in determining the market value, if that is the value that is sought after. There are many kinds of value that can be required, but, by far, market value is the most commonly required. This requires an in depth and firsthand knowledge of the local market place.

Common Myths

MYTH: An appraisal is the same as a Realtors Opinion of Value.

FALSE. An appraisal is an in depth view of the property with features and factors being compared to other properties with similar features and factors. The sales considered have to meet the definition of market value as laid out in CUSPAP. Appraisals signed by designated members have usefulness for financing and estate planning and settlement, whereas opinions of value typically do not.

Frequently Asked Questions

What is the cost of an appraisal?

That will depend on the purpose of the appraisal and the location of the property. How long will it take to complete the appraisal once an inspection takes place. Again, depending on the purpose of the appraisal, a typical re-financing assignment will be completed for the lender within 3 days. Referrals – our Clients have included Financial Institutions, Law Offices, The Federal Government, Private Lenders, Personal Property Owners, to mention a few.

 

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