3 important things to consider before buying a foreclosed home
Are you looking for a great deal on a house? Consider buying foreclosed properties. Just like any real estate transaction, however, it’s in your best interest to find out everything you can about the house you’re thinking of buying.
Here are the most important things you should consider before buying a foreclosed home:
- The condition of the property
Before making a purchase, it is extremely important to have a tour of the foreclosed house. Seeing the condition of the house firsthand can help you figure out if the house is in need of significant repairs. You can also have the home professionally inspected to give you a better overview of its condition.
- The overall cost
Aside from the selling price, you need to look at other expenses such as property taxes and cost of repairs. The best foreclosed property will only minor fix ups, like getting the walls a fresh coat of paint or sprucing up the lawn. Other foreclosed homes may need more repairs. Before you buy, include the overall cost of the home to your budget so you don’t have to spend all the money you saved on the property repairing the place.
- Hiring a real estate agent
Buying a foreclosed property can be tricky because it involves a lot more steps and paperwork than the purchase of a regular home. Hiring a real estate agent can help you find the right property and expertly guide you through the process. Get an agent experienced in dealing with – but not limited to – foreclosed properties.
A home inspector can also tell you what kind of repairs the house needs to undergo or if there are any serious safety concerns.
Need more advice on what to do before buying a foreclosed home? Don’t hesitate to give me a call at 912-210-8388 or send an email to