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.
The LUXRE Group at Keller Williams Realty is comprised of some of the most productive Realtors in the entire valley. We treat every listing as a luxury listing giving you a true luxury, vip, no hassle buying or selling experience. There is no substitute for the absolute best customer service and we pride ourselves on our returning clients who continue to refer and use us for all of their ongoing real estate needs. Get the luxury experience, get LUXRE! Each Office Independently Owned & Operated
Leaving Money on the Table with Opendoor - ibuyers taking your equity
"Client Feedback on JoAnn Cessna
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Other
Your most memorable moment
Very nice and helpful person really recommend her