If you are thinking of buying a foreclosed home, there are a few things you need to know before you jump into the purchasing process.While it always helps to have an experience realtor on your side, I found this comprehensive list over at RealtyTrac really sums up the entire experience neatly. Here’s an excerpt:
Prepare Your Resources
Arm yourself with the right resources for buying a foreclosed property. Hot tip: Start a foreclosure list file to organize all the research you’ll accumulate during the process.
Find a Good Source for Foreclosure Listing
Thanks to the advent of the Internet, you no longer have to depend on printed listings to be mailed to you.
Most real estate listing sites have listings that are updated daily. This makes buying a foreclosed home easier than ever. Plus, there are several questions you can ask of any foreclosure listing service to help determine its usefulness.
Decide Whether You Want to Use an Agent
If you’re a first-time homebuyer and you’ve never purchased a home – let alone a foreclosed property – it may be beneficial to get help. Contact a local real estate attorney or consult an agent experienced in buying foreclosures.
If you work with an agent, make sure they know your priorities. Not all agents have much experience with foreclosed properties, so ask any potential agents if they have experience with foreclosure help and sales. Especially for first-time buyers, a good agent can be a comforting and helpful resource.
Make a Checklist of What You’re Looking For in a Home
Your foreclosed property checklist should include as many factors as you can. Then prioritize them. You may not ever get the perfect home, but a checklist will help keep you focused so you’ll know when you find a property that will work for you.