5 Tips For Buying Foreclosed Homes

5 Tips For Buying Foreclosed Homes

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.

  • Remember the sale is for the home as is.

  • Cred:http://www.bankrate.com/finance/mortgages/5-tips-for-buying-a-foreclosed-home-1.aspx#ixzz4CXAZTZCd

    If you know anyone looking to buy a home, sell a house, or invest in real estate, visit http://jasmine.luxreaz.com, or contact us direct at 602.300.2774

    The LUXRE Group Keller Williams Headshot
    Phone: 480-882-1234
    Dated: June 26th 2016
    Views: 280
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