Tuesday, August 24, 2010
by Joy Setzer and Chelci Setzer
Q. What should I know about buying a foreclosed home?
A. There are advantages and disadvantages to buying a foreclosed home. Here are some general tips:
- See the house in person. Don't rely on a low price and internet pictures.
- Conduct a title search. Find out whether it has a second mortgage or a lien on it.
- Get an up-to-date inspection. Conditions change and older inspections probably no longer apply.
- Budget for repairs and renovations. Chances are the longer the house has been vacant, the more problems there may be.
- Study the neighborhood. Is the house in a crime area or surrounded by other foreclosures?
- Get expert help. Work with a real estate agent who is experienced in foreclosures.
Give us a call today with any additional questions you have about today's foreclosure market... We would love the opportunity to provide you with our guidance and expertise! Thanks for the question... -Joy and Chelci