Things you need to know before buying foreclosures
Everyone loves to get a good deal in buying anything, it is not just real estate. When you pay only a fraction of the sales price for something, don't you love to brag to others how cheap you get it for?
When it comes to buying real estate foreclosures, there are a few things you may need to pay attention before putting an offer:
- Can you do an inspection before putting an offer
- Will they let you use an inspection report as a contingency on the offer
- Have the utilities been cut off over an year
- Can the utilities be turned on for an inspection
- Can you get your earnest money back if the contract fails within reason, like unsatisfactory inspection report, if that is your contingency on the contract
Most of the problems that you may run into when buying foreclosure is the inspection and utilities. Foreclosures are usually sold AS-IS, they are bank owned properties, and they are not willing to do any repairs. Check with your real estate agent before putting an offer, this will help to avoid some costly mistakes down the road. It is always highly recommendable to work with an experienced real estate agent who can help you to walk through all the complicated paper works when buying a foreclosure. It is great to get a deal, but there are some cautious steps that you need to know before making an offer.
If you are thinking to buy a foreclosure in Marion, West Memphis and the surrounding areas, please feel free to give me a call. I will be glad to help you.