Buying a Foreclosure

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Why use a mortgage broker?

A mortgage broker may be a company or even individual who have been professionally trained to work on behalf of potential borrowers to provide objective advice and help in obtaining the best possible terms in mortgages from a known and reliable range of sources. While the layman may have the best of intentions and even knowledge of the world of finance, there is little doubt that hiring a mortgage broker should bring with it tremendous advantages due to the tremendous experience that they bring to the table as well as insights into the ins and outs of the mortgage business. Many people find it reassuring to know that by working through a Mortgage Broker they are presenting a form of buffer between them and the mortgage bank, which many, and first-time borrowers especially, found quite intimidating.

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Know the BPO: The Broker Price Opinion

The Broker Price Opinion is a tool used by banks and corporate entities to price properties that are in the process of foreclosure. Broker Price Opinions are also used for other valuation needs. A Broker Price Opinion provides the owner with data related to recent sales and properties that are actively being marketed that are similar to the foreclosure property that the bank owns. Broker Price Opinions are generally prepared by a licensed real estate agent or appraiser.

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