Five Months to an Ideal Foreclosure Deal

Little Rock, Ark. homebuyer Brad Leggett is a picky buyer. He knew what he wanted and he was ready to take his time to find it.

“I put my home on the market and sold it in one day,” said Leggett, recalling his home buying and selling experience. “So I took my time to find a good deal on a nice home.”

Leggett signed up for a six-month RealtyTrac subscription and started his quest for an ideal foreclosure deal in Little Rock. He said he wanted a large home with high ceiling in a quiet neighborhood.

Lock in a 12-month RealtyTrac membership for only $199 and save $400, or try a four-month membership for only $99 and save $100.

“I was looking for a nice house contiguous to green space,” said Leggett, who had budgeted $400,000 for his new home. “I also wanted granite countertops in the kitchen and lots of living space.”

He started looking at houses with his Realtor, but didn’t find what he was looking for.

“In my pursuit, I noticed a nice home that was listed for $490,000,” he said, noting that he found the property using RealtyTrac’s mapping tool. “It had been for sale for over a year and was heading for the auction block. I told my agent that I wanted to make an offer for $390,000. My agent said that price was an insult, but I instructed him to write it up anyhow.”

Built in 2005, the two-story brick home has five bedrooms and five bathrooms and 4,200 square feet of living space. Homes in the area were selling in the low $500,000s.

“The bank countered my offer at $450,000 and then several weeks went by and I didn’t hear back from the bank,” he said. “I went ahead and had an inspection, an appraisal and I even cleaned the carpet and pressure washed the deck. Finally, the bank accepted my $390,000 offer, but said I had to close in three-days.”

His appraisal came in at $500,000, so Leggett knew he was getting a sweat deal.

“Originally, I had scratched off this home because it was out of my price range,” recalled Leggett. “And my Realtor told me I couldn’t find foreclosure bargains. It took me five months from start to finish. I’m not sure what I paid for my RealtyTrac subscription, but it surely did pay off for me.”

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