Are you looking at buying a foreclosed home? Under the right circumstances, this can be a wise financial decision. In fact, these auctioned properties are often more affordable than standard purchases. However, buying a foreclosed home takes prior knowledge, expertise, and preparedness. Otherwise, you may find yourself in over your head. We here at DaMore have over twenty years of experience in real estate and have your back every step of the way. Here is your guide to the process of buying a foreclosed home.
Contact The Representative
At the beginning of the process of buying a foreclosed home, you will need to reach out to the lender’s representative. Getting the requirements for the purchase will be your first step. Have your attorney review the purchase agreement to make sure everything is in order. Alternatively, this allows them to check for any changes that will be necessary. Your attorney will determine if there are outstanding liens or liabilities that come with the property. Without an expert attorney at your side, you could end up purchasing a home at a decent price only to find out there are expensive liens that are now on your shoulders.
Second, the home inspection is in order. On the surface, the home may appear fine. However, hiring professional inspectors is vital and will save you money in the long run if fixes and repairs are needed. Moreover, you must remember that you are purchasing the property “as is.” Foreclosed homes may often be more affordable than standard purchases. However, that also means additional repairs may be needed. Remember, the lender did not live in this house. They are not going to know whether there are repairs needed or not. Essentially, they are just trying to sell it quickly instead of sitting on a property that costs them money.
Make Your Bid
Finally, the bidding war begins. Have your money deposit ready when you arrive at the auction. Moreover, you will want to have your top bid already figured out beforehand. Stay alert of both your competition during the auction as well as your own limits. If you win the auction, be prepared to wrap up the closing process quickly. Typically, this is within a 30-day window.
With You Every Step Of The Way
When it comes to Real Estate, DaMore will do the work behind the scenes so you don’t have to worry. We have represented clients in over 20,000 real estate transactions over the past 20 years. Let our experienced legal counsel handle your real estate needs so you can rest easy during every step of the process. Contact us today to learn more.