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3 Tips on Buying a Foreclosure

Blog by Diane Cardoso | September 21st, 2012

1) Get your financing pre-approved!  Map out your current financial assets and liabilities. Remember that even after the sale, a foreclosure will cost money before making it. You should expect repairs before the home is livable, followed by a period of vacancy while you shop the home to buyers or renters.  2) Bring the Experts!  Call Diane for help with your foreclosure purchase and bring a licensed inspector. The buying process for many foreclosed homes leaves little time for individual inspection. There’s no replacement for a proper inspection, but expert eyes can spot the biggest, most expensive issues up front and help you incorporate that feedback into your bid. Be sure to keep a running tally of repair costs and deduct that amount from your budget. You don’t want to bite off too much, 3)Stay focused! Once bidding begins, it’s easy to lose your head. The market is full of foreclosures. If you miss this one, you’ll get the next. Stick to a sane bid in a range you can afford and eventually, you’ll find the right house at the right price.