Buying A Foreclosure?

When buying a foreclosure there are several key things to remember.

1.  For the most part "sold as-is"  means buyer must take in the properties current condition.  It is the buyers responsibility to weigh the risk of purchasing                 a property based on very little if any history of maintenance and repairs.  A Home Inspection is a must in these situations.  Protect yourself.

2.  Use an attorney with experience in foreclosure closings.  Delays and frustration can be avoided by experienced foreclosure attorney.

3.  READ READ READ  Addendums should be read and understood.

4.  Use an experienced real estate agent in foreclosure purchases.  They will know if a property will qualify for specific loans, how to structure your offer and insure a smooth transaction.  Be ready.  Have proof of funds or prequal letter in hand.  The best foreclosures go quick.   

5.  A common misconception is that the seller is not aware of the property condition.  By the time the property is listed with a real estate company, there have been numerous, BPOs (Broker Price Opinions), appraisals and condition reports communicated with the seller. 

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