Tips For Buying A Foreclosed Home

Dated: 09/25/2014

Views: 1183

Buying a foreclosed home is a little different than buying a normal home. A foreclosed home is owned by the lender as a result of the previous owner defaulting on the loan. There are great things and not so great things about buying a foreclosed home.
Don't Assume
One of the biggest problems people can make is that they assume they will take the first offer that is thrown at them. Take a look at recent sale prices for homes sold by lenders. These are usually called real-estate owned. This will usually help you price the home.
It Takes Time
You will likely run into a large, slow-moving procedure when trying to buy a home in foreclosure. Normally people find out if they get the new home in a day or two, with foreclosed homes it can take weeks!
How to Buy
Many foreclosed homes are auctioned off. If you plan on purchasing a home at the auction make sure that you have a mortgage pre-approval letter, proof of financing, and deposit all with you! Bidding on a home and finding out you needed these items can give you a headache!

As you can see, there is a great market for foreclosed homes! The biggest perk is that you can save a lot of money! Unfortunately, there are some things to remember while trying to find this house. Give Front Street Brokers a call at 208-740-5000 and we will start your search for whatever you may be looking for!

Mike Turner

Trivia about Mike: Prior to working in real estate, Mike worked for few years on movies and TV shows around the world as a Camera Boat Operator and Marine Logistics Coordinator, including the TV serie....

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