Budget-conscious homebuyers often think that buying a foreclosure is the best way to get a great bargain. It can be, but you also need to keep in mind that foreclosures are difficult to both locate and transact. It can be worth the effort if you do find a good foreclosed property with a lot of potential.
One of the first things you should do once you’ve decided to go for it is to find a good real estate agent who is experienced in foreclosures. As mentioned above, foreclosures are a lot more complicated than regular home purchase transactions. It isn’t highly recommended for first time homebuyers, as the process can be confusing and intimidating for those who have had no prior experience with buying houses. Also, some sellers won’t accept offers from buyers without representation.
A real estate professional will have access to listings that buyers don’t, and they will be able to check comparable homes to see if the asking price of a foreclosed home is indeed a bargain.
A lot of the time, buyers are not allowed to inspect the property before purchase. This is what makes buying a foreclosure risky. However if the seller will allow it, definitely get a home inspection beforehand. Some sellers do include this as part of the sales agreement, but you will need to pay for it.
Listen to your agent’s advice about whether or not the foreclosure you’re interested in buying really is a bargain or not. An experienced agent will be able to guide you properly and give you good advice so that you don’t end up buying a lemon. If done right, buying a foreclosure can be a really fantastic investment and a good way to own a property at a reasonable cost.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
