Foreclosures, Real Estate Tips, Views You Can Use

4 Critical Tips When Purchasing Foreclosure Real Estate

March 14, 2013 by · Leave a Comment 

Buying A Home In ForeclosureBuying a foreclosed property in Northwest Indiana and the surrounding area can be different from buying other types of real estate.

In many cases you will be able to get a fantastic deal on a home, but you will need to be willing to go through quite a bit of work and negotiation.

Here are four tips to help you navigate buying a foreclosure:

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Find the right real estate agent

The first thing to keep in mind is that your real estate broker will deal directly with the bank that owns the foreclosed property.

The bank has the final say in whether they’ll accept your bid – so you want an agent who has developed a good relationship with them.

Click here to apply for your FREE home loan approval.

Know that cheap doesn’t mean good value

Sometimes the tiny price tag on a foreclosed property can be very tempting, but make sure you are asking questions about the value and the potential expenses of the house.

Will it require extensive repairs? Will you be able to find a tenant? Does the property have potential for appreciation over time?

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Perform a house inspection

If the previous owners were foreclosed on because they couldn’t make their mortgage payments, it’s possible they didn’t have enough money to give the home the proper maintenance it needed.

Make sure you have the property inspected by a professional to spot any problems.

Take extra precaution if the house has been empty for an extended period of time. There could be problems with plumbing, insects or mold.

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Look for intentional damage

Keep in mind that many owners were forced out of their property by the bank, so they might have removed as many appliances, light fixtures and other items as they could which usually means the house is stripped bare.

The previous owners might have been angry and felt justified in damaging the property.

Make sure to do a thorough inspection to assess the cost of missing appliances and clean up.

Click here to apply for your FREE home loan approval.

If you are considering buying a Northwest Indiana home in foreclosure, you could possibly get a great deal on a house with a lot of potential.

Make sure you follow these tips and contact your licensed and trusted real estate professional for more information about buying a foreclosed property.

Click here to apply for your FREE home loan approval.

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