Quick Tips About Foreclosures

Well, good afternoon, everybody. My name is Chris Berger, and it’s time for Berger Point.

I wanted to talk to you a little bit today about foreclosures and what it actually means to go after that as a buyer.

I worked with a couple, and the home was being sold for $600,000 and there were certain things that needed to be done and the bank said flat out they weren’t going to do it.

I was going back and forth through a real estate agent to normal channels.

Well, my couple finally decided to make an offer of $525,000.

We were approximately $75,000 off the list price.

So, the agent got back to me and said that the offer was too low, but it took him almost three weeks to do that — to make the offer and go to the bank.

That was just the process.

So I went to my client. We upped it to $575,000.

Well, no response. The bank simply rejected it.

Well, six weeks went by and my couple was exhausted and no longer wanted the house.

So we withdrew.

So another month went by.

So now we’re into almost three and a half months of the process.

They accepted an offer of $540,000, which was approximately $35,000 less than what we offered.

How crazy is that?

Those are the ups and downs and the emotional roller coaster that you have to be ready for if you want to go after a foreclosure.

That was a tough deal and today it still bothers me.

***

Well today it’s a rainy day and a Monday. However, it’s a big Jet Green day.

So my beloved Jets — I’ve been a fan for 50 years — are playing tonight.

And well, we’ll see how it all turns out.

I became a Jet fan because in Peekskill, New York, the New York Jets — back in the 60s — would practice there.

And I saw this guy with really long hair and he’s supposed to be the new quarterback.

I saw him throw a ball like 80 yards on a shoestring.

I mean, it was just fantastic.

And I said, what’s that guy’s name?

Joe Namath.

So at that point, I became a Jet fan.

Have a good one. Enjoy.

https://bergerpoints.com

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Hello! I'm Chris Berger and I'm sharing my 40+ years of experience as an NY & FL realtor, home renov & prop mgmt. Yankees fan. Concert goer. Dog lover. Granddad.

1st Time Buyers Guide at http://bergerpoints.com