Buying a Foreclosed Home

: Chris Lee Law Firm

  Filed under: Foreclosures

buying a foreclosureWhen it comes to foreclosures, the market is full of them.  Knowing how to buy a house that has been foreclosed on can mean getting a great deal on a home you wouldn’t otherwise be able to afford.  Because foreclosures are sitting on the bank’s hands, the bank wants to get read of these properties as quickly as possible.  Once the owners enter into bankruptcy and lose the house, the shorter the length of time until you can purchase it, the better it is for the bank.

Tips on Buying Foreclosures

First, don’t look for houses; look for real estate agents.  This is the number one tip when you sift through the damage of bankruptcy.  Finding a good real estate agent and then proceeding to look for a house that is listed with that agent is the best way to go through this process. Next, Make sure your credit is approved before you even find the house you want.  These houses sell quickly.  You might not have time to get your credit approved before you want to make a purchase.  Also, because foreclosures happen daily, you can’t even be sure what the available market will look like a week from now. Last, Be aware that you might not be able to bargain much.  Because these houses are often already at rock bottom prices, there may not be as much room for negotiation as you would like.  Being aware of this can save you some hassle.  But, make sure any price-related contract is conditional on inspecting the condition of the house.

Buying a bank-foreclosed house can be a great way to save money and get a home that is a good fit for you and your family.  It’s possible that another person’s bankruptcy could end up being advantageous for you in this situation.  However, if you are touring a foreclosed home that is still occupied, be sure you are especially sensitive to that situation.

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