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