A bankruptcy is usually terrible news for the family who can no longer afford to keep their home. However, they can be a godsend if you're looking for a great deal on first-rate real estate. But buying a foreclosure home is not like purchasing other property, according to Gilbert Realty, a leading estate company serving the Ozarks from their base in Mountain Home, AR.
In the following video, Cindy Hubka discusses purchasing foreclosed property from starter homes to executive home to land. She covers important requirements and tips when purchasing foreclosed property.
If you're shopping foreclosure homes, Gilbert Realty's expert agents recommend:
- Avoiding Auctions: Not only are auctions crowded, but you won't even be able to inspect the interior of the property or the status of the title before you bid. Sure, you may get a bargain-basement price, but you could wind up dealing with expensive liens, major repairs, and a former owner who won't vacate the property.
- Approaching The Bank: If a property you like has been foreclosed upon but hasn't been listed for sale yet, go ahead and have your agent approach the lender. Many banks, especially small local institutions without a lot of resources, may just be happy to get rid of the property, so your offer would save you both a lot of time and money.
- Getting Pre-Qualified: Whether you're thinking of buying a foreclosure home or a brand-new construction, getting a letter of pre-qualification from a lender will show sellers you're serious about your offer. This will help give you a better position at the negotiating table.
- Necessary Repairs: Unlike other sellers, banks won't make any repairs before closing. Make sure you get a thorough inspection and factor the cost of necessary repairs into the price of the home.
The real estate agents at Gilbert Realty have extensive experience with foreclosure homes in the Ozarks. Visit their website to learn more about their wide range of services and stellar reputation, or call (870) 425-6282 today to talk about foreclosures or other property for sale.