Buying a Foreclosure
Posted by Rebecca
Current market conditions make this the ideal time to BUY, and everyone is looking for a good deal. How do you find one of these deals, you ask?
1.Watch the market closely so that you have a good idea of what you’re looking for
2. Have your preapproval letter from your mortgage lender ready and in-hand and be ready to act quickly.
3. Know where you’d be willing to own a home and what you’d be willing to pay in the different areas.
4. Watch the market. A great way to do this is to have your Realtor put you on an e-mail feed that sends you every new property that comes on the market in a certain area. Drive the neighborhoods if possible.
I’m going to be talking about foreclosures, simply because so many people have questions about the foreclosure process, and also because I just bought one personally, and I’ll be sharing my experience. However, foreclosures are not the only good deals to be had right now. Keep that in mind, and be open to any deal that comes your way.
The first thing to know about buying a foreclosure is that it’s going to require some work. The purchase process is a high-energy process, and the house will most likely require repairs and some major cleaning. If you’re ready to use some elbow grease, then hang on, it’s going to be a fast and bumpy (but likely very rewarding) ride! In my upcoming posts, I’ll give a detailed account of my personal foreclosure purchase, from the first time we saw it to repairs with before-and-after pictures.
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Nice write up about foreclosures, thank you, keep it comming!