You've probably seen them: the TV infomercials promising to help you get rich investing in foreclosures, bank-owned homes, and no-money-down properties.  While it is never as easy as the late-night hucksters would have you believe, the truth is that there are some fantastic buying opportunities right now in the Rutherford County real estate market.  However, there are a few things you need to know in order to find -- and close -- that great deal.

1.) You need a real estate professional who knows the ropes.  Dealing with a bank (as you must when buying pre-foreclosure, also known as short sales, and bank owned property), can be a tedious and trying experience for even the most patient of people.  If your Realtor has never gone through the process before, you are starting off your potential transaction behind the eight-ball.  On the other hand, an agent or team who regularly deals with banks can let you know what to expect from the process as well as lead you through the labrinth to the closing table.

2.)  You must have patience.  Banks almost always take longer to complete a transaction than you expect them to.  It is not uncommon for a bank to consider an offer from a buyer for weeks or even months before accepting, rejecting, or countering.  We had one short sale last year where the bank received seven offers to consider at the beginning of January and did not accept one of them until July!  By that time, all of the offers, except one, had pulled themselves from consideration.  Sometimes the last man standing walks away with a great deal on the house.

3.) You need to know how to put together a "clean" offer.  Banks are not like normal homeowners when considering purchase offers on their property.  They look at every deal with cold calculation, taking into account not only the purchase price, but such terms as closing date, repairs, earnest money, financing, etc.  When a buyer can offer a quick closing, with no repairs, and cash or rock-solid financing, the bank may often accept that offer at a lower price than another offer loaded with contingencies. 

The Jones Team has tons of experience dealing with pre-foreclosure and bank owned property in Rutherford County.  We can help you find a great deal that will close while also protecting your interests in the transaction.  This market is ripe for the picking.  If you are interested in learning more about what's available, feel free to give us a call at 615-867-3020.