| Many home buyers opt to purchase a foreclosed | | | | you can afford the additional expense. |
| home because of thesavings. Properties are | | | | Select a Real Estate Agent with Prior Knowledge of |
| foreclosed when a homeowner can no longer afford | | | | Foreclosed |
| tomake the mortgage payments. After three months | | | | Properties |
| of non-payment, thelending institution will reclaim the | | | | When purchasing a home, it is important to choose a |
| property, and resell it to anotherbuyer at market value. | | | | good realtor. |
| Some foreclosed properties are in bad | | | | Furthermore, many banks prefer working with buyers |
| condition;however, if you can locate a foreclosed | | | | that are represented byan agent. This proves that you |
| home in good or "move-in"condition, you have stumbled | | | | are serious about buying the property. |
| across a great deal. Here are a few tips onpurchasing | | | | Additionally, if you are a new home buyer, an agent |
| foreclosed real estate. | | | | can guide you throughthe entire home buying process |
| Carefully Consider the Pros and Cons before Buying | | | | and help you secure financing. Agentscan also check |
| Foreclosed Real | | | | for liens against the property. |
| Estate | | | | Conduct Your Own Research of Foreclosed Real |
| The major advantage of foreclosed real estate is the | | | | Estate |
| dollar amount yousave by purchasing the home at | | | | Although an agent may have a list of foreclosed |
| wholesale cost. On average, expect tosave about | | | | homes, it will speed upthe process if you have a list of |
| 30% when buying a foreclosed property. This is | | | | prospected homes. Thus, you shouldobtain a listing of |
| perfect forinvestors looking for rental properties or first | | | | homes in your area. To do so, consider subscribing |
| time home buyers. | | | | toan online service that offers up-to-date foreclosed |
| Because most properties are in good condition, the | | | | listings. |
| home may only needminor cosmetic improvements. | | | | Furthermore, government agencies may have a |
| This may include a coat of paint, newcarpet, etc. Prior | | | | selection of available homes. Also,research public |
| to submitting a bid for a foreclosed property, it | | | | records. Before a lender or bank can foreclose |
| isimportant to have the home inspected. If the home | | | | aproperty, they must file a notice with the country |
| requires extensiverepairs, realistically assess whether | | | | clerk. |