There are many ways to find a new home. You can build a house, purchase one off of the real estate market, or even rent a property instead. Some prospective home buyers may even choose to purchase a foreclosed home. While this decision will cut costs, you have to make sure the home is still a solid investment. This guide will break down some of the details to know before taking the leap.

The Benefits of Buying a Foreclosed House

If you are looking to save on a home, purchasing a foreclosed unit might be the right move. This decision can save you as much as 15% on a house. You can generally find these houses on auction or through a real estate agent. While this process takes time, it can be worth it to find the right home within budget. 

How the Process Works 

When buying a home in the traditional sense, you look at several options and make choices based on your needs. The process differs for foreclosed homes. When buying a home on auction, you will likely need to make an offer before you see the house. This can be risky, because you won’t know its condition. Since the house likely doesn’t have anyone living in it, no one is seeing to its general upkeep. There may also be a larger volume of buying competition, which can make the process more stressful. 

How to Protect Yourself When Buying

The best way to mitigate the risks is to work with a real estate agent. These professionals know how to navigate the market and can spot when a potential buy is worth it. They can also help you visit the home before putting in an offer, so you know what repairs need to be done. An agent will help you bid competitively, so you can stay ahead of the competition as well. Find an agent who has experience buying and selling foreclosed homes, so that you know they understand the intricacies of the market. 

Interested in buying a foreclosed home? Lauri Bauman – Big Journey Homes at Keller Williams Realty can help you navigate the local market and find a house that fits your needs. This Realtor® has been working with buyers and sellers in Denton, Lake Dallas, Frisco, Flower Mound, Argyle, McKinney, and Corinth, TX, since 2000. She will determine which neighborhoods and homes best fit your family and lifestyle and then apply the same attention to detail for home sales, evaluating the price and staging the property to sell. To learn more about her services or view available properties, visit her online. Call (940) 321-5111 or text (214) 566-1088 to get in touch with Lauri directly.