With the downturn in the market and the increase in foreclosures, many individuals are looking at purchasing foreclosures thinking they are getting a “deal”.
Unfortunately many people equate foreclosure with a steal.
You can get a good deal in a foreclosed home, but you have to do your homework and know the market to make sure it is a good deal. Some of the foreclosed homes are not that much below market, to be considered a good deal.
When looking at foreclosed homes, be prepared that the processes takes more patience than a typical real estate transaction, but for the most part they close in the same amount of time as a typical realestate transaction. Also know that the properties are sold “as is”. It’s still a good idea to get an inspection, but you will not be able to request that anything be fixed.
Sometimes when homeowners know their home is going into foreclose, they take anything of value out of the home, such as appliances, light fixtures, even hot water heaters. If these items are removed or missing it could also affect the type of financing you can get on a home. When you purchase the home you will obviously have to replace these items, keep that in mind when you are considering what you are spending on the home.
As a buyer you still need to look at a fair amount of properties, just as when buying a non- foreclosed home. This will give you the best perspective for your local market and when you come across that home you’ll know you are getting a good deal.
As an end note, do not pay a service for a list of foreclosed homes. Contact a Realtor and they can get one for you for free. I’m happy to help anyone with this.
Andrea Haitz, Broker Associate
“Taking Real Estate to New Heights”
Keller Williams Grand Junction Realty, LLC
715 Horizon Dr Ste 225 Grand Junction, CO 81506