Some of the best real estate deals can be found in the foreclosure homes market. In today’s market, there is a very high probability that in every community and neighborhood you will find a home or two that is marked for foreclosure. But just because there is a glut of foreclosure homes on the market, that doesn’t mean that buying such a home is any easier than a traditional home purchase.
It can often be hard to find available foreclosed homes and can even be more challenging to find a real estate agent who has the required expertise in such sales. So to help you have the most efficient and rewarding foreclosure home purchase experiences possible, we’ve highlighted some key actions and points that will help you enjoy this process.
Know the Home
This is where it can take a bit of extra work – some real estate sites charge for access to the foreclosure list in your community. So it is worth taking the time to work with a real estate agent and websites that offer this information for free or at a reasonable rate. You need to know as much about the home before you consider making an offer. So take your time and do the research and use any and all foreclosure lists available to you.
Visit the Local Assessor
If you have found a home that looks like a good fit, the next step is to visit the website for the local assessor. Depending on the information provided to you on the website you are searching for properties, you can learn things such as: the name of the owner of the home, tax details, square footage numbers, the assessed value, what the seller paid for the home and how long the seller has owned the home. This and other information goes a long way in helping you create your offer and in determining if the home is right for you.
Research the Neighborhood and Community
Often a neighborhood or community will have a range of homes listed for foreclosure. This is because the neighborhood or community went through a period of inflated real estate prices and is now going through a decline. Remember that just because a home is listed at a foreclosure price, doesn’t mean it is a good buy. You need to consider the overall economic potential of the neighborhood and community as well as job growth numbers. There is a reason why the neighborhood or community is in a decline and you don’t want to be caught up in this.
As well as these specific pieces of advice and tips for buying a home in foreclosure, don’t forget the basic keys to real estate success:
- Working with a qualified real estate professional.
- Having your financing in order.
- Doing your research.
- Knowing what you want and need from your home.
- Being patient.