Deal or No Deal? If you are looking for a home don’t shy away from the foreclosures. Yes some are in rough shape, not all of them are “good deals” HOWEVER, don’t rule them out, your homework will pay off if you are patient. Bank foreclosures are quicker than a “short-sale” and some of them are in great shape, are bargain priced and may be exactly what you are looking for.
Know the in’s and out’s before you go running out there to get your ”DEAL”. Make sure your agent is familiar with information regarding the foreclosure. If you are purchasing with an FHA loan & the home has been purchased recently by an investor for “flipping” purposes the home may not qualify for that particular loan, (check with your lender) and don’t forget the home inspection, what looks great on the surface may become the “money pit” draining your excitement as well as your pocketbook. Your home inspector is a vital part of every transaction.
What I’m simply saying is “don’t rule out the foreclosures”, if you’re in the market to purchase take a little time and educate yourself before you write the check. Take time to decide if it’s the right move for you.
Re/max has put together a great informational piece……check it out – Buyers & Foreclosures
until next time……….
Blessings
Tonya & Tifni
