Buying a foreclosed home is a little different from buying a typical resale.
In many cases:
Only 1 real estate agent is involved.
The seller wants a preapproval letter from a lender before accepting an offer.
There is little, if any, room for negotiation.
The home comes as-is, and it's up to the buyer to pay for repairs.
On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.
"Buying a foreclosure is definitely a bit of a grind. It's not easy," says Robert Jenson, owner and founder of the Jenson Group at RE/MAX Central in Las Vegas. "You're getting fantastic pricing, but sometimes it takes going through a lot of houses and writing a lot of offers to get the home you want."
5 steps to buying foreclosed homes
Find an agent specializing in foreclosures.
Get preapproved for a mortgage.
Know how long it takes to sell a home in your price bracket.
Study the sale prices of comparable homes in your area.
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