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5 Tips to Safely Buy a Foreclosure
By Tina Fountain of Tina Fountain Realtors
Purchasing a foreclosure includes a level of risk, as does purchasing any real estate. However, there are some bank-owned properties that offer a safer deal for individuals not fully experienced in the foreclosure process. In other words, there are some properties best left to the foreclosure experts, but you can still take advantage of other ones that are appropriate for first time buyers.
With that in mind, here’s what you need to know to make a (relatively) safe foreclosure investment: * Look for bank-owned properties, as there is little risk. In other words, there will be no taxes or liens on the property if it is bank owned.
* The lender for the bank-owned property may be willing to offer you more attractive terms, such as a lower down payment or a below-market interest rate. You may also be able to skip an appraisal fee, as the bank will have likely already done an appraisal on the property. Remember: the lender wants to unload the property and will be likely willing to negotiate to make this happen.
* You may be able to buy a bank-owned property that is brand new. It is important to keep in mind that not all foreclosures are previously owned homes. Some builders may have built homes on the tail end of the slow economy and are unable to find buyers for the home. Therefore, you may be able to walk into a brand new home because the bank that issued the construction loan took possession of the property after the builder was unable to sell it.
* Avoid homes in pre-foreclosure, as they often come with a considerable amount of baggage. They also demand more work and persistence on the buyer’s part, as he or she must deal with homeowners in both legal and financial trouble. In other words, buyers new to the foreclosure process will likely want to avoid this type of drama.
* Avoid auctions, as you may not be able to inspect the property beforehand, thereby dramatically increasing your risks. In addition, many analysts think that auctions do not necessarily produce bargains, as they don’t result in big financial rewards in many cases. |
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Thank you for sharing this valuable information, Tina.
Based on the news lately, it sounds like some banks are forclosing on homes, when they don't hold the mortage. Not sure how this can happen, when the mortageholder has to have control of the title.
Maybe this could be another intel on whats going on in your part of the country.
Keep up the good work.
Congratulations on your first intel.
Best wishes.
Frederick
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