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Tuesday, 22 March 2022 01:31

How to Buy Foreclosure and Bank Owned Property

About Foreclosures

foreclosuresBuying a foreclosed property is a great way to get a house at a discounted price. Foreclosure homes are sold at auction, so there are many different ways you can purchase them.

There are many benefits of buying properties that have been foreclosed on. Foreclosure properties represent an opportunity for investors to buy property at a discount and make some money on the sale of the property. They also offer a chance for homeowners to purchase their own home with little or no down payment required.

Tips For Buying Foreclosed & Bank Owned Real Estate

Real Estate Agent Toolbox

Searching through foreclosure listings is a good way to see what is out on the market right now in your area, but bank-owned real estate sells fast. Meet as many real estate agents as you can, find agents you can build strong working relationships with. Agents might have previous experience with foreclosed homes and information on deals as well as unlisted properties.

Foreclosures are Sold as-is

Any foreclosure property is sold as-is. People often forget when they're excited at the auction. As an investor be sure you know the condition of the property, it could be a money pit.

Check the Wear Indicators

Neglected landscaping can be an indication that the occupants of a home have been absent for a long period of time. Market time and vacancy time is not the same. An abandoned property will deteriorate quicker than a well looked after property so this should be an indicator for your inspections.

Was it Winterized?

Even if there are obvious signs the property has been taken care of, ask if it was winterized. You don’t want to end up in a flooded home so check for winterization and bring a plumber before you even turn the water on.

Buy HUD Homes

A HUD home is when a homeowner has defaulted on their mortgage and the property was taken over by the Government. HUD homes are listed on the HUD website and is completely searchable but in order to place a bid you are required to use a realtor.

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