5 Tips For Buying A Foreclosed Home

Buying a foreclosed home is a little different from buying a typical resale. In many cases, only one real estate agent is involved. The seller wants a preapproval letter from a lender before accepting an offer. There often is little, if any, room for negotiation. The home comes as is, and it’s up to the buyer to pay for repairs.

On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.

If you’re thinking of buying a foreclosed home, make sure to follow the five tips below.

1. Get preapproved for a mortgage.
2. Find an agent specializing in foreclosures.
3. Know how long it takes to sell a home in your price bracket.
4. Study the sale prices of comparable homes in your area.
5. Remember the sale is for the home as is.

Do you have any tips to add?

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