Finding your dream home in foreclosed property can be very appealing to many buyers, especially to those that are trying to stretch their dollars.  The biggest challenge can be trying to find a good one, since the vast majority of bank-owned properties have been damaged and need repairs.

For those who are considering the purchase of a foreclosure, it is very important to know exactly how much work is needed on the property and how much it is going to cost you.  Foreclosed properties come in various states of disrepair.  Some will only need minor cosmetic fixes, but some may need major repairs.

A great place to start your home search is through a real estate agent.  You can also find foreclosure listings on lender websites, such as Chase, Bank of America, Sun Trust and Citibank.  Other ways to help your search along is by signing up with RealtyTrac.com for a fee of $49.95 a month.  You can find pre-foreclosures and foreclosures in every state across the nation.  There are also other sites like Foreclosures.com that charge $49.95 and BankHomeDirect.com that charge $19.95 where you can search for REOs.  Just remember, your real estate agent can help you find the right property for free. 

If buyers have learned anything out of the last couple of years, it is definitely buyer beware.  Consumers have all heard the stories of copper wiring and pipes being ripped out and stolen.  Some properties have had toilets ripped out and walls kicked in.  And, we don't need anyone to tell us that the water lines are damaged because the toilet was ripped out or the sheet rock will have to be replaced because the walls were kicked in.  Using common sense and getting repair quotes ahead of time will help you know what you're in for.

When looking for a great deal in a foreclosure, look at the properties that have been on the market over a month.  Banks usually discount their properties around 20% to 30% to start with.  After a month, the buyer may have more power in getting the bank to lower the price.

Lake Havasu City Realtor® Vicki Lind

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