San Antonio, Texas (Grassroots Newswire) July 27, 2009 – With record numbers of foreclosed homes on the market and banks eager to get them off their books, home buyers looking for a deal in San Antonio need to be aware of the intricacies of this type of transaction, according to Joe Acosta of Best Homes GMAC Real Estate based in San Antonio.

“Although there are great sources for information on foreclosed homes consumers can pay for, the reality is you can get in-depth information on foreclosures for free - just by contacting a local real estate broker whose agents specialize in this type of transaction,” said Acosta.

According to Acosta, foreclosures can certainly provide discounts of as much as 30 percent to 40 percent below market (more realistic is around 5 percent to 10 percent). However, the nuances inherent to the foreclosure process can prove challenging for consumers unless they are willing to put in the required research and preparation.

“Buying a foreclosure absolutely takes some research and education combined with patience and persistence. But for those willing to try their hand at this type of transaction, the upside and return on investment can be significant,” said Acosta.

Acosta offers four key tips to consider when buying a foreclosure:

• Be patient. Many banks are currently overwhelmed by the unprecedented volume of foreclosed properties, and it is not uncommon for some to take 60 to 90 days to decide which offer to accept.
• Ask your broker or agent to find out how long the foreclosed home has been on the market. If it’s been 30 days or more, banks may be more flexible with the price to get the property sold; on the flip side, if the home has only been on the market a few days, banks will likely be unwilling to reduce its price immediately, or at least by very much, until they see what types of offers they might receive.
• Pay for a professional home inspection. This is a good idea no matter what type of home you buy, but it is especially important when buying a foreclosed home. In most cases, banks sell foreclosed homes “as is,” meaning the costs of any necessary repairs, large and small, are solely the buyer’s responsibility. If the home has been vacant for more than a few weeks, negotiate and make sure the utilities have been turned on for the inspection and before you close on the home.
• Real estate owned (REO) or bank-owned properties are often the most straightforward type of foreclosure transactions since there’s little risk, no liens and likely no back taxes to pay since these properties have a clear title and are owned by the bank.

For information on foreclosures in San Antonio, contact Best Homes GMAC Real Estate, located at 4800 Fredericksburg, Suite 100 San Antonio, TX 78229 at (210) 691-4622.  Additional information on homes for sale in San Antonio can be found at www.bhgmac.com.