what to know when buying a foreclosed home
The answer can be summed up in a single word — savings. When you buy a foreclosed home, there is a good chance you’ll pay less than market value for the house. According to data compiled by RealtyTrac from 2010 – 2011, foreclosure homes are selling for an average discount of 27%, when compared to non-distressed / non-foreclosed properties.
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If you know how to buy a foreclosed home, While there are some benefits to buying a foreclosed home, the process isn’t as easy as a standard real estate transaction. Here’s an overview of the.
You also need to get preapproved and let your lender know you are focusing on foreclosures. A foreclosure may look like a big bargain; be sure to make a balanced analysis of the risks and opportunities of purchasing and possibly improving a foreclosed property before you take on this financial obligation.
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The biggest caveat when buying a foreclosed home is that it is typically sold as is, which means the bank is not going to fix any problems. And there may be plenty of them, considering that.
Interest rates are low, foreclosed properties are plentiful, and it’s a buyer’s market — so, should you buy a foreclosed home? You’ve got to know what you’re doing and pick the right house if you don’t want to lose to your shirt (and your savings). Whether you want to fix up and flip the house or.
5 Tips for Buying a Foreclosed Home 1. Do a title check. 2. Move fairly quickly before investors have a chance to buy. 3. Get a home inspection. 4. Look for hud homes. 5. Have a little extra cash stashed away for repairs.