Seek Professional Advice When Buying a Foreclosed HomePosted Thursday, April 17, 2014
When driving through local neighborhoods, you might notice many “For Sale” signs that have foreclosure banners attached to the top. While this distressed financial situation is unfortunate for the owner, a home in foreclosure could be a great investment for you.
Purchasing a foreclosed property might seem extremely complex. If you’re interested in a great real estate deal, but feel a little overwhelmed, it’s important to cut the confusion and contract with professionals who are experts in distressed properties. They can walk you through the process, eliminate foreclosure frustration and get you the best deal.
Here are a few tips to help you successfully buy a home in foreclosure:
Find a good real estate agent. When interviewing real estate agents, you want to make sure you find one who specializes in foreclosures. Then ask for referrals from clients who have been through this process with them — you can gain a lot of insight from people they’ve worked with.
Have the house thoroughly inspected. Most banks are selling foreclosed properties “as is.” This means the house could be in bad condition if it’s been stripped and abandoned. Make sure you have a good home inspector go over every inch to ensure there are no major issues.
Get quotes on renovations. After the inspector has given you a list of problems and needed updates, find a good contractor or two to take a look and give you an estimate on what they would charge to renovate. You’ll want to determine if the renovations are worth the investment.
Buying a foreclosure can be an amazing deal. And with the right professionals on your side, you’ll minimize your risk and come away with a great investment.
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