Buying a foreclosure can be a great way for a home buyer to get into a great house for a great price, though it can be a tricky process for most homebuyers. It is important for the Buyer to be sure their Realtor is experienced in the process of buying a foreclosed home. You must do your homework and budget carefully, because it’s easy for someone to get in over their head with repair issues. Consider the “must do now” and what you would like to do eventually. Who is going to do the work? Do you have enough cash to get the work done? Obviously you should do the “must do now” things first. You don’t want to do a new kitchen and paint if the roof is leaking and the furnace is on its last leg.
You should also talk in detail about the process with your mortgage representative. The type of finance program you qualify for will have an impact on the type of property you can purchase. Features of the property such as well and septic may influence a banks considerations.
Foreclosures are sold “AS IS”most of the time, quite often the bank will do no repairs and assume no responsibility for them. You should have a home inspection to give you an idea of what the house needs in terms of repairs. Then you can decide if it is still something you want to tackle.
Remember make sure your Realtor is experienced in the process of working with foreclosures. In this case, experience counts.
If you are interested in buying a foreclosure, call me. I can e-mail homes to you as they come on the market.