As homebuyers look for deals in times of uncertainty, many are becoming aware of foreclosed homes and the benefits that come with purchasing one. If you are interested in buying a foreclosed home, here’s what you might need to know.

Where Should I Buy?

Places affected by the housing crisis will likely be your best bet to finding a good foreclosure. You can research this and if you aren’t looking to move, you can find foreclosed homes in your area with a quick search.

How Do I Buy?

You can buy directly from the owner before they’re officially foreclosed on, or you can dive right in and try to compete with competitive investors at an auction. It’s safer and easier to find homes that are owned by the bank, also known as REO (real-estate owned). You can inspect these homes before you purchase, which is key when foreclosed homes are generally sold “as is” and can need many repairs. You can mortgage your purchase. You can be almost certain that the property’s title is free of liens, because the bank who owns it will typically perform a title search before they list the home for sale.

What Should I Expect?

While you can go solo, you should consider hiring an agent. Working with a real estate agent who specializes in foreclosures can be a huge time-saver. Keep in mind that foreclosure purchases in general aren’t always quick, as there may be unexpected issues and road bumps.  Also consider that while you are getting a bargain price, you will be investing a lot on the backend. That cheap sticker price doesn’t make up for a roof repair, infestations, or other high cost issues.   Be sure to pay for a complete home inspection and don’t commit if you don’t think you can take on the challenges of a foreclosure right now!

Published by AmandaMccarty

I have been in the real estate services business in the Southwest Florida real estate markets for many successful years and will be here for many more. This longevity and confidence comes from my real estate services to a great many buyers and sellers, and their recommendations to others that result in repeat and referral business that keeps me productive and successful. As a full service Fort Myers real estate professional, I work with buyers, sellers and investors in real estate transactions spanning all of the price ranges and property types. Residential Single Family – My residential single family services connect buyers with sellers every day, and I do it with professionalism and a total dedication to my clients. This property type is the majority of my market transactions, but by far not the only one in which I have expertise. Condominiums – While condominiums are residential, they’re a very different market focus, and I am an expert in evaluating condos and helping buyers and sellers to cope with the special financing and homeowner concerns for this property type. Multi–family – Investors are great clients for me. Multi–family properties are a very unique market. The detailed return on investment and valuation calculations investors need to evaluate properties for rental are second nature to me. Commercial – Whether it’s a shopping mall, a small office building or a restaurant space, I'm your commercial property specialist. Contact me for your commercial property needs in the Fort Myers real estate markets. Vacant Land – Land is a very special property class. It’s relatively easy to show a gourmet cook a wonderful commercial kitchen in a home and see their eyes light up. It’s more of a challenge to help a buyer or seller to realize the potential in a piece of land. I'm the best at it in the Fort Myers real estate markets. Call me at 239-682-5442 or email me to start a discussion of your needs. Or, fill out this quick form and tell me about your property interests and an overview of your needs.

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