Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

5 Common Mistakes to Avoid When Buying a Home Foreclosure
If my recent article about the three types of home foreclosures piqued your interest in making such a purchase, read on to learn a few of the common mistakes to avoid when you're ready to make an offer. 1. Don't get caught up in a bidding frenzy. Banks may “under price” their offering, hoping to generate multiple bids and sell quickly. Don't get overexcited - there's another foreclosure to bid on tomorrow! 2. Don't underestimate your repair costs. Carefully read the inspection report, and factor in an additional 10-20 percent of the purchase price for unexpected repairs. 3. Don't ignore the "comparables" for similar properties in the area. If there are abundant foreclosures in the neighborhood, be sure that you have the latest home prices to compare against, and keep your offer at or below those figures. 4. Don't go house hunting in a neighborhood full of foreclosures. If you're buying for the short-term because you may relocate or upgrade in a few years, don’t focus on a neighborhood with a lot of home foreclosures. These properties may continue to decline in value, meaning you may have to sell at a loss in the near future. Protect your investment by purchasing ... more

__________________________________________________
Are you on The Rain? Grow Your Network!