Codilis and Associates is a law firm based in Burr Ridge, Illinois, with affiliates operating in five states that offers broad legal services with a focus on foreclosure, bankruptcy, and closing services. Led by Ernest Codilis, Codilis & Associates has extensive experience in foreclosed properties and REO title closings. When buying foreclosed properties, there are a few things that should be kept in mind.
1. It’s best to work with accredited agents rather than engage directly in the purchase of foreclosed property. This is especially true for inexperienced buyers and will ensure a smooth buying process.
2. Knowing the purchase process is crucial. Buyers who are engaging with banks or private lenders should know how to navigate the undertaking, including understanding the seller’s terms, the documentation needed, and the auction process.
3. Financing options and the benefits and drawbacks of each should be clear. Mortgages transfer the title directly to the buyer. However, contracts to sell provide more flexibility.
4. Having a pre-approved home loan or available cash on hand shows the seller that buyers are serious and ready to make a transaction.
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