Friday, March 2, 2012

Purchasing a Foreclosure

When purchasing a foreclosure whether for an investment or you are planning to live in it in the near future there are a few tips you should know.

One very important tip is to make sure you work with a well-qualified real estate agent as they have the knowledge of the local market. They also have access to many more listings than you will be able to find on your own. A good real estate agent can check the local area and gauge the price range. By using an agent they can tell you if the house is a short sale, regular sale, foreclosure and if it is owned by an individual or a bank.

Once you have selected the property you want to buy you should make sure you do a walk-through first and see if you can find any defects such as watermarks on the ceiling, mold, or holes in the sheet rock. After your own personal inspection if you decide to purchase the property you should then have a professional inspection this could run you about $250 but is well worth it. A professional inspector can tell you if the property has any problems such as the roof or electrical problems in the wiring or the fuse box. They will also search if there's any problems with mold which is very important. In some parts of the country you have to be on the lookout if the house has Chinese drywall if so you want to cancel the whole deal. A good home inspector will be able to tell you if it does. At the end of the inspection they will give you a complete report on the entire home and you can judge for yourself if you want to continue with the purchase. Purchasing a foreclosure can be a very good deal but if you're not careful you may end up with a money pit so good luck and remember real estate agent and home inspector and you can't go wrong.

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