Real Estate Agent with Solid Source Realty


Purchasing a foreclosure looks tempting because of the price offers, but when you get your feet wet in it, you will find that it is an endeavor that has many things to consider such as the following:

  • The home seller wants a letter or pre-approval from the lender before accepting the bid.

  • The property is on an “as-is” basis, meaning the home buyer will be responsible for any repairs.

  • One real estate agent is required from beginning to end.

  • There is almost no room for any negotiation.

To make things a lot easier, here are some tips in buying a foreclosed property:

  1. Find a broker who believes in your goals. Finding a good agent is a priority if you want that foreclosed home you have been eyeing. Meet with the real estate agent and talk to the lender in person.

  2. Look for a lender and a real estate broker. You should acquire a pre-approval letter from a lender. Search for a broker who works with several banks directly.

  3. Reach out to people who can inspect and repair the property’s damage. Get certified professionals who can view the property and repair any for of deterioration. There could also be damage to the HVAC aspects of the house.

  4. Study comparable properties. Examine their recent sales prices. You can bid lower if the property has an amount that is too high.

It may be daunting to purchase a foreclosed property but if you are emotionally, mentally, and financially prepared, you can turn it into your dream home. Be patient when purchasing a foreclosure because the only thing any property of this kind needs is love.


Posted by

Cliff J , Real Estate Agent in Stone Mountain Georgia, Certified First Time Home Buyer  


Comments (1)

Matthew Klinowski, PA
Downing-Frye - Naples, FL
Golf Community Real Estate Specialist

Cliff, great tips on buying foreclosure homes. Do you still have a lot of them in your area?

Dec 22, 2018 05:04 AM