Foreclosures and other types of distress sales resulting from tax or bank foreclosures often represent a fantastic way to get a deal on a home or investment property. It’s not an easy thing for the average homeowner buyer to locate these deals, because you have to keep scouring dozens of websites on the internet to see when one becomes available. I see some people go as far as spending a lot of their money on “foreclosure lists”. Why pay for a list when you can get foreclosure information from local real estate agents and directly from selling home folks?
If you’re the type of person who can recognize what a great deal some of these properties could be you will probably be interested to know that the soon to be rising foreclosure rates in the area will make several foreclosure homes available for serious buyers, and buying such homes can turn out to be a really good deal. Not only houses but land from selling land folks. Different types of homes such as single family, multi-family, townhouse, condo’s, duplex or triplex homes are available in the area.
All you have to do is find a professional real estate agent that specialize in foreclosures and get them on your side. Go look at the properties and look it as closely as possible. Some foreclosures, unlike fixer uppers, are in good shape. Other properties may need maintenance and repairs. Have your agent check comparable properties to see if the listed price for a foreclosed property is, in fact, a great value. If possible, have the property inspected before you start bidding. Be ready to deal with more paperwork with a foreclosure than you would with a conventional purchase, particularly if there is a government agency involved. Before you know it you you will be on your way to closing.