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When in the market for real estate, buying a foreclosed home is one option many people find attractive. While foreclosed homes tend to be available at lower costs, they’re not without challenges. Going into the process with the right information can help you mitigate issues. 

What to Do When Buying Foreclosed Real Estate

1. Get Pre-Approved

Getting pre-approval means you can show up to the foreclosure sale ready to make an offer on a home. A pre-approval letter establishes how much a lender is willing to give you towards a home based on your credit history and current income. Being pre-approved shows that you’re serious about the transaction, and it will put you at the top of the list if there are other interested buyers. 

2. Schedule an Inspection

Real EstateWhile home inspections are part of any real estate transaction, they’re a top priority when purchasing a foreclosed home. An inspection will apprise you to any existing issues with the home, from the plumbing and electrical wiring to its foundation. Keep in mind that you can’t have these issues fixed before move-in, which might be an option with a traditional home sale. Regardless, an inspection lets you know exactly what to expect. 

3. Plan Renovations or Repairs

If there are significant issues with the home, you’ll need to plan out repairs and renovations as soon as possible. The money saved when purchasing a foreclosed home can easily be put towards repairs to make the place more suitable for your needs. Renovations will also increase the home’s resale value, which helps if you don’t plan on staying there indefinitely. 

 

When buying foreclosed real estate, you want to have a skilled and knowledgeable Realtor® by your side. This is precisely what Big Journey Homes - Lauri Bauman offers to her clients in Denton, TX. Her knowledge of the local real estate market spans back to 2000, allowing her to address more complex transactions with ease. She can also help sellers value their property correctly, so they receive the best price possible. Call (940) 321-5111 to speak to this Realtor directly, or text questions to (214) 566-1088. You can also look through her featured listings online

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