In this post I would like to share with you a couple of good suggestions about purchasing foreclosures. Although some foreclosures can purchased for below market value there are sometimes reasons for that that are unknown to the average buyer. Values for foreclosures are initially set by professionals such as appraisers and real estate brokers. They take into account factors such as age, condition, recent sales, and current listed property prices. What initially appears to be a bargain can turn out to be a bust if you don't do your homework. Number 1, research the market conditions. Ask your agent to prepare a CMA (comparative market analysis) to show you just how it stacks up with other properties in the neighborhood. Secondly, get a professional home inspection. Find out what is wrong with the home. Not just what you can see but things that you can't or quite possibly didn't know to look for. Lastly, be sure that the contract is written to represent your best interest. These are all things that a real estate professional can help you with and will be happy to do so. Buy with confidence and most of all, no regrets!
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