| With almost a million foreclosed properties on the | | | | call. Also, another great thing to do is search for "home |
| market, this is the best time to get a great deal on a | | | | tour bus Your Area" You might get lucky and find a |
| quality home. With so many options you can buy a | | | | home foreclose tour in your area. If anything else, going |
| brand new house and not a fixer-upper. This guide will | | | | on a bus tour can be a fun way to spend a Saturday. |
| give you the basics in what to look for when making | | | | You can also meet some local veteran buyers in your |
| one of life's biggest investments. | | | | area and swap information. Also, be sure to ask all |
| The first thing you should do is check out your own | | | | businesses if they have a website. A lot of companies |
| finances. You have to make sure that buying a | | | | now are posting listings on their websites. |
| foreclosure makes sense. If you don't have a large | | | | By this stage, you should be ready to make an offer |
| part of your outstanding debt paid down and a | | | | provided everything checked out. Even with prices |
| sizeable down payment, buying a repo is not in your | | | | slashed in half in some cases, it never hurts to ask for |
| immediate future. Part of the reason why there is so | | | | a discount. If the offer is accepted, make sure to read |
| many foreclosures today is because people rushed in | | | | over the initial application fully. Also at closing be careful |
| without having a down payment and 3-6 months back | | | | to check all the fees the loan company is charging you. |
| up expenses. A lot of people got conned into thinking | | | | Sometimes companies will charge you fees for |
| they were going to be some sophisticated home | | | | services they never provided. Considering these fees |
| flipper by a guru at a seminar or TV show. The best | | | | can be in the thousands of dollars, it's worth your time |
| thing we can do is learn from them and make sure we | | | | to go over them. |
| have all out ducks in order or risk falling victim to | | | | Finally, don't feel stupid to ask questions. It's better to |
| history repeating itself. | | | | know exactly what something is now rather than pay |
| Now that you have your finances down, you should | | | | for it later. Most agents and banks will be happy to |
| find local banks, companies and real estate agents in | | | | help you as they want the buyer to be happy with his |
| your area to call. Thanks to the internet this have | | | | her purchase. If you have friends in real estate or the |
| never been easier. Simply do a search for | | | | mortgage industry call them up and make a day of it. |
| repossessed homes in your state or city. This will pull | | | | Now that you have the basics down, you can get |
| up a few sites that have databases of all the | | | | started in buying your new home. |
| companies in your area. Pick out 3-5 and give them a | | | | |