First Steps to Buying a Foreclosure
Foreclosures often mean the original homeowner had some sort of setback that caused him to allow his lender to take the property. Rarely does a lender want to retain possession of real estate, so it will be motivated to move it off the books as quickly as possible. A fast turnover is what the lender is looking for, so a big part of the marketing plan might include pricing for a quick sale. In order to take advantage of foreclosed properties there are some basic steps to be followed:
Steps as you search for your foreclosure property:
- If foreclosure is complete, the property will be listed with a Realtor, in which case you can have an open line of communication about the property as well as the opportunity to inspect it.
- Contact the listing broker and ask for an appointment to see it. Schedule a walk through. While in the area scout out the neighborhood to make certain the surrounding area suits your needs.
- If foreclosure is not complete you may be able to get the information you need about the property either from the owner or the lender.
- Consult with a professional real estate appraiser. Through their years of familiarity with the property and the neighborhood, appraisers and real estate professionals can supply background on property and neighborhoods. Get them to give you a ballpark estimate of the property value.
- If the property needs repair work, have a recommended contractor give a detailed estimate of each job that must be done.
- Decide on how much you are willing to pay for the property and stick with that price. Never get so caught up in a property that you do not make clear decisions. Successful bidding on foreclosed properties requires discipline and good information.
- Sometimes foreclosures have title problems that have not been cleared up. Hire a closing attorney or title company to check the condition of the title to make certain there are no liens remaining after the foreclosure is complete. Have the title agent issue a title binder showing the conditions under which it will insure your interest in the title. Real estate tax liens and homeowner association liens have priority and need to be paid before clear title can be given.
- Have the financing for the property in place before you enter into a firm contract with a good faith deposit, or have the contract be contingent on the financing you will need.
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Foreclosed properties can represent excellent opportunities to acquire real estate at bargain prices. But in order to take full advantage of these opportunities you must have all your information and take an organized approach to finding and acquiring foreclosed properties. Find the location and property that interests you, work with the Realtor and closing agent to learn all you can about the property, and make your offer based upon good information and research.
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