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Foreclosure & Distressed Properties

Initially you may think that buying a foreclosure could save you big bucks. That can be true, but here are a couple things you need to consider.

- There is often little to no room to negotiate, but sold at a discount due to the difficulties and risk of the transaction.

- The home is sold as-is. If it is need of repairs, it will be up to you to pay for them.

On the upside, most bank-owned homes are vacant, which can speed up the process of moving


Before you begin the house hunt, check out these 4 tips:
  1. Find a real estate agent that specializes in foreclosures.

  2. Visit your lender and get pre-approved for a mortgage.

  3. Ask your agent for the sale prices of comparable homes in your area.

  4. Remember, the home will be sold as-is, take the cost of repairs into consideration.

If you are interested in pursuing purchase of a foreclosure, contact the team at Readle Real Estate to help you get started.

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