Things you need to know before buying foreclosures

By
Real Estate Agent with RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

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 asale 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.

 

 

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Serving Marion, West Memphis, Crawfordsville, Hughes, Horseshoe Lake, and surrounding areas.  If you are planning to sell or buy, please feel free to give me a call, find out if I am the right agent for you.

 

 

 

Rita Fong, REALTOR®

RE/MAX Real Estate Today

1813 Highway 77  Marion, Ark. 72364

cell:901-488-9590

office:870-735-4663

fax:870-735-4668

http://www.ritafong.remaxarkansas.com

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Rainer
23,944
Terri Flight
RE/MAX Regency - Northern Virginia - Manassas, VA

Good advice.  I have suggested it as a featured post.

Sep 02, 2010 04:39 AM #1
Rainmaker
6,041,383
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home buyers need to take extra care when a property has been vacant for a long period or if there are deferred maintenance or repair needs. A professional home inspection is always in order. 

When looking at REO properties, buyers should expect to find lots of mold and it is a good idea to not to take children on these tours.

 Blooming for home buyers.

Sep 02, 2010 04:42 AM #2
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Terri, thank you!  Many people just think of a cheap deal, without advance planning, it can be more costly than buying a regular existing home.

Roy, agreed!  I always warn buyers before going into homes with mold, especially vacant homes, better safe than sorry.

Sep 02, 2010 04:48 AM #3
Rainmaker
504,301
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Great advice, Rita.  even if a property is represented as being sold as-is, there are repairs that the bank will still be responsible for.  Inspections on these properties, especially if vacant for a long time, are a must!

Sep 02, 2010 05:27 AM #4
Rainmaker
333,794
Rita Fong
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590 - Marion, AR
Realtor - Marion Arkansas Homes for Sale

Lora, thank you!  Live and learn, that's why experience can help us serve our clients better.  And yes, even though the bank says AS-IS, there are times they have to fix some items before it can close, and they have no choice but have to do it.

Sep 02, 2010 05:35 AM #5
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Rainmaker
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Rita Fong

Realtor - Marion Arkansas Homes for Sale
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