The Myths of Buying Foreclosed Properties


Manage episode 168226718 series 1326665
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Recently, many people emailed us asking for tips about buying foreclosure properties. Since we could talk about this for days, this is Part I of a two part-series.

If you're looking to buy and you come across a foreclosure, know that it's not a good deal simply because it's a foreclosure property. You need to work the numbers to find out if the home is truly a good deal, and you need to make sure that there are no defects that will cost you a lot of money down the road.

Some people think that foreclosed property prices are fixed, but this is not true. In fact, the price of a foreclosed property is negotiable. Make sure you have a good agent in your corner negotiating on your behalf to ensure you get a good price on the property.

A lot of people think that they can't do a home inspection on a foreclosure, but that's not true either. Home inspections can be negotiated into the contract when buying a foreclosed home, so be sure to work with a real estate professional who knows the ropes.

If you are looking for an agent who is very knowledgeable about foreclosures, or if you have any real estate questions of any kind, give us a call or shoot us an email. Keep an eye out for Part II of this foreclosure series! We look forward to hearing from you soon!

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