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Tips for Buying a Foreclosure Property

When purchasing a home in foreclosure, you may come across a price so nice that you neglect to look before you leap. Here are some points to ponder that will help you avoid premature leaping!

Before you buy a foreclosed home, be sure you:

  • Take a walk around the block. Make sure you're not buying in a neighborhood that is marred by crime, graffiti, excessively loud neighbors, or other forms of blight.
  • Know that there will likely be extra paperwork involved when purchasing a foreclosure property .
  • See the house for yourself. Never buy a foreclosed home without seeing it for yourself first.
  • Choose a lawyer or realtor who has experience purchasing a bank foreclosure .
  • Bring a certified home inspector to assess the property. Get a list of what needs to be fixed and an estimate of potential repair costs before you sign any contracts. Many homes in foreclosure require costly repairs.
  • Compare the asking price with other homes on sale in the neighborhood to ensure you're getting a good deal.
  • Do a title search to discover if there are any liens or back taxes owed on the foreclosure property (This information is available free from your county records department.)
  • Line up financing first. Talk to lenders about financing and getting pre-qualified for a mortgage.

Are not tempted to purchase a foreclosed home at a court auction. This is especially applicable to the first-time buyer. Foreclosure homes often come with problems such as back taxes and extensive damages, require a cash payment in most cases.

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