While foreclosed homes often offer buyers substantial savings, the purchasing process can be difficult. For this reason, it’s important to approach this kind of transaction with extra precaution and knowledge. Failing to do so can result in a poor investment that ends up costing you a great deal of money and stress. Here are a few tips on buying a foreclosed real estate listing.
How to Buy a Foreclosed Home Successfully
1. Hire a Real Estate Agent
Foreclosed homes are rarely sold directly to buyers, but instead, are listed with a real estate broker. As such, one of the first steps you should take is to find an agent who specializes in these types of listings and can best represent your interests. Working with an agent will also give you the opportunity to learn first about new foreclosed real estate listings.
2. Get Pre-Approved
Bargain-priced foreclosed homes tend to move off the market quickly. To avoid missing out on a good deal, get pre-approved for a mortgage loan before you start house hunting. Being prepared with a pre-approval letter will demonstrate that you’re a serious buyer and will place you in front of the competition.
3. Have a Home Inspection Done
Having an inspection done can save you many future headaches. Since foreclosed real estate listings usually sit unoccupied for long lengths of time, their condition can deteriorate. An inspector will provide a report that details any problems you will have to deal with rather than discovering them after you’ve already made the purchase.
4. Budget Accordingly
Being that all foreclosed homes are sold as-is, you won’t get to negotiate the price based on necessary repairs. This means your budget must include more than just the mortgage payment. You should also factor in the money needed for repairs and the possibility of extra expenses for unexpected issues.
Buying a foreclosed home has its own set of unique challenges, but it can be rewarding when handled wisely. If you need a reliable real estate agent to guide you through the home buying process, contact Hensley Realty. Over the years, they have helped countless buyers in Russell, KY, successfully achieve their dream of owning a home. With their assistance, you can be confident in the purchase you make. Call (606) 836-9770 to speak with a representative or visit them online to begin browsing current real estate listings.