Foreclosure 101 by Alexander Krumm
With more homes being foreclosed on than ever before in history savvy buyers are picking up homes are in great condition are priced below the market. With a little patience some preparation homeownership could be a lot closer than you think a lot cheaper too.
1. Be Ready Know your Marketplace. Most foreclosures sell in 3 days or less so spend some time with your Realtor getting to know your target area. If you know the comps before a foreclosure hits the area you will be prepared to act quickly trump any other competitive buyers. Have a pre approval ready waiting to roll so there is no hesitation. If you wait you might lose the deal before it even gets off the ground.
2. Do Not Be Afraid to Get your Hands Dirty Some foreclosures are in great condition but by large you are going to have to invest some sweat equity to get your new home habitable. Do not let the cosmetics scare you away; look for strong structural components like good floorplans great neighborhoods remember location location location newer roofs. You can change the carpet you cannot move your house.
3. Know your House Inside Out The whole idea behind buying a foreclosure is to save money right Then spend a little extra up front on the home inspection. Banks make no representations or guarantees about the properties they sell they are not liable for repairs after closing. Get the best inspector you can afford look for things that might be costly trouble down the road. to save money do your due diligence.
4. The Asking Price Is Often Very Close to The Selling Price A really common misconception is that banks will take huge cuts in their asking prices for every foreclosure. Much of the time this is wrong wrong wrong. Banks have specific guidelines about what they will will not accept they know that if you do not buy it today then someone else will look tomorrow. This is especially true with homes that have a lot of appeal. If you really like your house make a reasonable offer BUY it
5. A Realtor Will Do You A World Of Good Agents spend lots of time combing the market for good deals. Good ones know their marketplace intimately have often worked closely with many of your future neighbors. Use their experience to help you find the best deal possible. They will have the objective professional eye you need to spot resale potential before you purchase. This single choice will save you thousands down the road agents usually charge buyers nothing to work with them
Opportunity knocks but you still have to open the door. Real estate is historically among the safest investments in the country 60% of America's wealth comes form housing market. Interest rates are historically low but are creeping upward again prices appear to have leveled in many markets. & if you act now the government may even give you $8,000 just to help you buy your new house.
Alexander Krumm is professional Realtor living in spectacular Sarasota Florida a partner in Sarasota Property Group sarasotapropertygroup. com. Be sure to visit the most useful innovative Property Search Tool sarasotapropertygroup. com mapsearch in the world Brand New incredible Foreclosure 101
