TOP FORECLOSURE TIPs to put your foreclosure fears at rest:
Prioritize your needs: Make a list of “must-haves” for your new home. The foreclosed house you choose should have some overall appeal as well as most of the items on your list.
Talk to experts: Make an appointment with an experienced foreclosure agent. Don’t be afraid to ask a lot of questions.
Be current: Look at neighborhood data with emphasis on real time sales. Compare current and last year’s home values to determine which way the market is moving.
Aim high: Find out the overall value of the neighborhood in which you are buying. A foreclosure may allow you entry into a better neighborhood.
Make inspection mandatory: Minimize hidden costs by planning a professional inspection. Don’t be afraid to get a second opinion.
Avoid pre-stage: The pre-foreclosure/short sales stage is typically not the most profitable. You could wait weeks or even months for an answer from the lender.
Buy at the right time: The foreclosure stage can be profitable when it goes to public auction. The best REO deals are often situations where the home has been on the market for 60 days or more.
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