Alaska Foreclosure: Finding Your Dream Foreclosure

Posted by Dan Wolf on Tuesday, January 28th, 2014 at 5:43am.

Finding an Alaska foreclosure can be very attractive to buyers who are looking to save money when buying a home. But all good deals come with a challenge...

Alaska Foreclosure Challenges

#1 Traditional or Foreclosed Sale?

Did you know that most Alaska banks do not want real estate professionals to advertise an Alaska foreclosure as "bank-owned" or "foreclosed"? This is because those terms have come to re-present negativity in the market.

Today's Alaska foreclosure:

  • Has no front lawn sign
  • Does not have the word "foreclosure" in the advertisements
  • Has no mention of "bank-owned" in the marketing materials

#2 Alaska Foreclosure Inventory Is Low

The market in Alaska got better this year. We were already low in foreclosures during the housing crisis. Today, government programs as well as banks, are working with home owners to keep them in their homes before they reach Alaska foreclosure status.

But enough of the bad news. How do you find a good Alaska foreclosure?

Alaska Foreclosure: Finding Your Dream Foreclosure

#1 Start searching the Alaska MLS on our website for foreclosures. If you can't find what you are looking for, contact one of our agents and we will go directly to the banks. Alaska banks have a list of Alaska foreclosures. We can contact the property listing agents and get you a showing. Our agents work regularly with Alaska foreclosures and can track down the right properties for you.

#2 Inspect the Alaska foreclosure home you are interested in thoroughly. Unlike traditional homes for sale, lenders are not held to the same requirements and disclosures. When we say "inspect" we don't mean a basic home inspection, we mean a THOUROUGH home inspection that includes pipes, water lines, sewage and more.

#3 Write a reasonable offer. A good Alaska foreclosure will go fast. Your offer needs to be clean. This means you have the financing in place and you don't have any unreasonable requests that could make the listing agent, or the bank, feel like you will be hard to work with.
If you want something fixed, just factor that into the price you are offering.

# Know what to expect by getting an experience REO agent to negotiate the Alaska foreclosure on your behalf. Our agents know that banks discount foreclosures anyway so not to bargain the listing price right away. They also know that if the listing is older you could possibly have more flexibility and get what you want.

Ready to by an Alaska foreclosure? Contact us today and we will help you get into an affordable home.

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