Archive for the ‘Business’ Category

Saturday, November 28th, 2009

foreclosed home
Foreclosed asked:




Introduction to Foreclosed Homes

Tuesday, November 24th, 2009

foreclosed home
Foreclosed asked:




Tuesday, November 24th, 2009

foreclosed home
Juanita Valvo asked:


On the surface, buying foreclosed homes looks easy: you find a foreclosure property, pay the asking price and viola! You have just purchased a home and saved yourself quite a bit of money! Unfortunately, purchasing foreclosed homes is a little bit trickier than that, and a novice can make quite a few mistakes if they aren’t careful. Here are some of the biggest mistakes people make when they try to purchase a foreclosure property:

1. Going it Alone. Don’t try to buy a foreclosure home without the help of an experienced real estate agent. There are plenty of agents out there who are well versed in the legalese of buying foreclosed homes, and their guidance can save you time, money, and a lot of stress!

2. Failing to Do the Research. The laws surrounding foreclosure properties vary from location to location. Read up on the foreclosure laws in your city and state and make sure you understand how the process works. Remember, buying foreclosed homes is a business to a lot of people. Don’t get stuck in red tape because you didn’t want to do your research!

3. Failing to See Beyond the Sale Price. Just because buying foreclosed homes looks cheaper in the short run does not mean that it will not be more expensive in the long run. Many foreclosure properties have substantial structural damage and need extensive repairs. Do thorough inspections before you agree to purchase anything!

Buying foreclosed homes can be a great way for first time home buyers to get into a house while saving themselves quite a lot of money. It is important, however, that you not go too fast or jump in to a purchase too quickly. Take your time, learn the law, and work with someone who thoroughly understands the foreclosure market.