Before You Buy That Foreclosure...
by Pam Simpson
The Kudzu Vine
I came across an article the other day - Top 6 Mistakes of Foreclosure Home Buying - by Luke Mullins of U.S. News the other day. I thought it made some excellent points, especially about factoring in the costs of repairs to the purchase price.
When I am representing a buyer who is considering a foreclosure, I like to take the price plus estimated repairs and compare to the recent solds in the area. Sometimes what seemed like a steal at first turns out to be not such a great deal. You have to go into the process being INFORMED. That is when a knowledgeable REALTOR comes in very handy.
One of the items Mr. Mullins does not mention in his article is the mistake of buying into the late night infomercials on how to make money buying foreclosures. Don't get me wrong - you can make money but it is hard work. It is certainly not a get-rich-quick scheme.
Read these articles for more tips and information on the foreclosure buying process:
5 Ways To Let That Foreclosure Buy Slip Through Your Hands
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FOR BUYERS: Buying a Foreclosure, Finding a Home, Loan Info, Tax Credit, Interest Rates FOR SELLERS: Pricing, Selling Tips LOCAL COMMUNITY INFO: Tate County Community, Memphis Community, Southaven Community MARKET REPORTS: Foreclosure Report, Hernando MS Report, Olive Branch MS Report, Tate County MS Report REALTOR STUFF: NAR, Real Estate and Media, Real Estate Agents OTHER: Rural Life, Breast Cancer Awareness, Angel Food Ministries, Property Rights, Auctions About the author:
Copyright© 2008 By Pam Simpson, All Rights Reserved...**Before You Buy That Foreclosure...**
Disclaimer: All information provided by this author is based on information collected from several sources and is believed accurate but not guaranteed.
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