Buying a Foreclosed Home

Many individuals, when planning to make a purchase, will look at homes that are in foreclosure.  While this could be a great investment move and inexpensive, there are still those potential downfalls to be aware of.  Here are a few tips to take into consideration when looking at purchasing foreclosures.

Choose a Foreclosure Expert.  It is rare for a lender to sell their foreclosure homes.  It is usually best to find someone who specializes in foreclosures.

Prepare for Complications. Some states allow the former owner to challenge a sale.  Be sure to talk with an attorney about your states foreclosure process, and the possible risks you could be facing.

Have Finances in Order. Being as most foreclosures are already vacant, the closings can be quick and effortless.  Be sure to have the funds you need on hand to seal the deal.

Expect an "As-Is" Sale.  Most home owners quit taking care of their homes long before it was foreclosed on. Be prepared to make repairs, some minor, others could be quite substantial.

?Article courtsey of MIlitary Relocator