i want to buy a foreclosed home

i want to buy a foreclosed home

Buying any home is not a decision to venture into lightly, even more so when dealing with the minutia that comes with a foreclosed home. It can be time-consuming and stressful, but if you proceed.

But when police finally did go inside the home, they didn’t find the bodies. They found a “hoarder’s paradise,” said prosecutor Anna Faraglia, Cleveland.com reported, and they believed the foreclosed.

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Foreclosures are up in 26 of the 50 largest metro areas in the country, according to a quarterly report released by foreclosure site RealtyTrac.com. This is good news for bargain hunters and intrepid home buyers who want to get a cheap house. If you’re planning to buy a foreclosed home, though, there are some things you need to know before taking the plunge.

Home buyers who want a good deal in real estate invariably think first about buying a foreclosure. They think, sure, I’ll do a little work to get a cheap price. They believe banks are desperate to dump these awful homes, and that’s not true, either.

You Absolutely Need a Home Inspection. Never buy a foreclosed home owned by a bank without first hiring a home inspector to come tour it. Unlike with a foreclosed home bought at auction, you do.

You could also call the home warranty company about what you need to do to prove all systems and appliances were working. Document this call by recording it or getting the information in writing.

If you find an agent you want to work with to buy a foreclosed home, ask them to look out for foreclosure properties that meet your criteria. These listings can go fast, so be prepared to move.

Look for three types of foreclosed homes: pre-foreclosures, foreclosure auctions and bank-owned properties. Unless you’re an expert in real estate law and transactions, it’s a good idea to consult with an attorney and/or real estate agent familiar with foreclosures.

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