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:
Find a real estate agent that specializes in foreclosures.
Visit your lender and get pre-approved for a mortgage.
Ask your agent for the sale prices of comparable homes in your area.
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.
