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Foreclosure search tips
While buying a foreclosed property may present some savings, there are also some risks
• To find foreclosed properties, read the legal notices section of the local newspaper, or check in with title companies, real-estate agents and lenders.
• Understand that not all foreclosures are bargains. Some lenders may be slashing prices on bank-owned properties, while some prices remain high.
• Work with a local Realtor to find out comparable home prices.
• Don’t try lowballing too much. You can’t expect to bid 50% of the asking price and hope to get it.
• When coming up with your offer, factor in the cost of repairs the home may require. Foreclosed properties can sit vacant for periods of time (and thus may fall into disrepair).
• Expect to wait. Foreclosed homes tend to solicit multiple bids, all of which must be reviewed by the bank/investor owner, so it may also take longer for a sale to go through than it would with a regular home seller. |
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