| The numbers of reported foreclosures nationwide hit | | | | advised to partner with a contractor so that you are |
| 2.8 Million in 2009. The number of foreclosures for | | | | assured that you are being provided the proper |
| sale is astounding and although there are many | | | | inspections and accurate costs to fix up the property. |
| opportunities to purchase a foreclosure for a huge | | | | 5. Get professional advice |
| discount, buyers should be aware of the issues that | | | | Never take any short cuts when purchasing a high |
| may come from these distressed properties. Any | | | | valued investment such as a home. Do not try to cut |
| buyer of a foreclosure should practice sound | | | | corners and get free advice as it could lead to costly |
| investment practices otherwise they may be putting | | | | mistakes. |
| their money into a potential money pit. | | | | 6. Make an offer below Market Price |
| If you are looking to purchase a property via a short | | | | Don't get caught up in a bidding war and over pay for |
| sale, here are the top tips to following while you are | | | | a home no matter how much you like the home. If |
| shopping for a foreclosure. | | | | there is a bidding situation, you will never be able to |
| 1. Do not catch yourself in the foreclosure craze | | | | beat an unrealistic buyer. |
| Every foreclosure is not a good investment. Do your | | | | 7. Verify a clean title |
| research and make sure you set an offer price that is | | | | If you are purchasing a home through a public auction, |
| still under current market rate, with adjustments to its | | | | you will not have enough time to research whether or |
| condition. | | | | not the property has a clear title. |
| 2. Determine the type of foreclosure you can buy | | | | 8. Contact banks or agents |
| The ability to determine what type of foreclosure you | | | | If you are interested in purchasing a foreclosure, build |
| can purchase is based on your financial constraints. | | | | your network of real estate professionals to help you |
| There is the choice to purchase through traditional | | | | identify foreclosures in the areas you are interested in |
| financing, all cashed, or owner financing. | | | | buying. |
| 3. Get your finances in order | | | | 9. Inspect the property |
| When deciding to purchase a foreclosure, you should | | | | Always, always inspect a property before purchase. |
| always have your finances in order for the fastest | | | | Distressed homeowners are also known to defer |
| close possible. Doing so will allow you the best position | | | | maintenance on their homes and sometimes commit |
| over other offers. | | | | damage to the home before leaving. |
| 4. Join with Contractors to Find fixer uppers | | | | 10. Have patience |
| That fact that foreclosures can yield significant | | | | Do not get discouraged if you are not able to |
| discounts; it is a great opportunity to look for fixer | | | | purchase a foreclosure immediately. Do not rush any |
| uppers that can be turned around for a profit. It is highly | | | | transaction without performing the proper due diligence. |