When you’re on the hunt for real estate investments, foreclosures are a go-to property due to their lower price. However, there are certain aspects to consider before submitting an offer and signing the deal. When the residents of Black River Falls, WI, are looking for everything from residential and vacation homes to vacant land, they rely on RE/MAX Homes & Hills Realty to find what they want at the best price. To help you in your endeavor, their team shares what you should be aware of before buying a foreclosure.
3 Suggestions When Buying Foreclosures
1. Look for Properties That Are Bank-Owned
If you view a property and learn that the previous owner is still living there, that’s a red flag. You may have to worry about kicking them out and them destroying the property in the process. As a result, look for options that are either in the bank’s hands or real estate owned (REO). The bank is responsible for paying liens, so no one will be living there. You’ll also be free to get a professional inspection to determine any necessary repairs.
2. Get a Letter of Prequalification
Foreclosures come and go at a moment’s notice, so it’s best to take steps that expedite the buying process. Your Realtor® might suggest getting a letter of prequalification from your lending institution. It’ll differentiate you from other buyers since the seller will want someone who is already approved for a loan and has the financial capabilities to purchase the property quicker than someone who does not.
3. Save Money for Maintenance & Repairs
Consider how potential maintenance and repairs will factor into your overall budget for the property. You’ll want to adjust your offer price based on the calculation. Foreclosures can require plenty of work, so it might be helpful to get advice from an inspector before going all in on a real estate investment.
If you need assistance finding foreclosures or other types of property, give RE/MAX Homes & Hills Realty a call at (715) 284-0610. Since 1973, they have built a global network of experienced Realtors, so their team has unrivaled expertise when it comes to real estate. Whether you’re on the hunt for a commercial or residential property or a piece of land, they’ll provide a free market analysis to determine the best offer price. Learn more about how they can make buying or selling a property seamless by visiting them online.