Tips On Buying a Foreclosure
Foreclosed properties have been hitting the housing market, bringing down property values and dislocating families. But some buyers see a once-in-a-lifetime opportunity in the gloomy headlines; they are buying up foreclosed properties at ultra-low prices, but buyers seeking a foreclosed property should realize that not every foreclosure is a good deal! Here are a few things to keep in mind when buying foreclosures:
I Urge buyers of foreclosures to have the property thoroughly inspected. Banks are not held to the same disclosure requirements as traditional sellers.
Also, be sure to find out how long the house has been empty. The longer the vacancy the higher the chance for more damage.
Damage isn't always obvious. While it doesn't take an expert to see that a toilet has been ripped out, it does require someone with knowledge to know that ripping it out damaged a pipe 20 feet down the line.
Be prepared to wait. While some banks might be responding quickly to offers, others are dealing with an enormous backlog that can hold up their response for as long as three months. While you wait, someone can trump you with a higher offer. To boost your chances at scoring a home you love, have multiple properties in mind, and get your financing pre-approved before you even start looking at properties.
When making offers don't try asking for repairs. Sometimes banks will pay for repairs, but typically will not agree to do so at the offer stage. If there are problems found during a home inspection renegotiate after your offer has been accepted.
Budget carefully. Don't let a small price tag lure you into a quick deal. Be sure to ask yourself a number of questions: Do you have the money for the extensive repairs these houses often need? If you plan to rehab and then rent, can you afford the house if you don't find a tenant?
Kimberly Dearth
Encore Realty Group
"Standing Ovations for Outstanding Service"
(702)265-6329
Kimberly@VegasLifestyleHomes.com
http://buy-vegas-homes.las.mlxchange.com/
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