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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Robins Plumbing provides hints and tips - Taking care of your HomeHome
"Colleen Kukulski, while we are still in the process, so far you have been extremely supportive. Not rushing me, but allowing me the time I needed. Then throughout the process you made sure to listen to my concerns and discover what mattered most to me. My dog is a huge deal and the fact you triple checked with the HOA and then with my new neighbors was unbelievable. Thank you for making it personal, easy, and completely stress free process for me.- Stephanie