Get Some Expert Guidance On Purchasing A Foreclosure From A Pro Real Estate Agent

by Linda L Painter on January 28, 2012

Are you looking out for a good deal on Titusville real estate? Often getting a foreclosure can be a good thing. The prices are instantly tasty to prospective customers because they are often far lower than anything else on the market, but this is actually the starting price at an auction, and you have to bid and hope that you get the best price your are able to.

You've got to compete with other buyers too. A drawback to these homes is that they typically aren't open to the inspection process before they're going to auction, so what you purchase is what you get fundamentally. You can't bring the home back with the invoice if it didn't out how you predicted after living in it for a couple of months. Ideally, the house is priced low enough to counterbalance any potential inspection costs and repairs you may need to make, but this isn't always the case. Keep some of these things in mind before heading off and win at that potential perfect home at auction.

First, you want to contemplate whom is living in the home before you purchased it. It’s really your job to get shot of them now, it's your house. They will not always be the men and women that had the home foreclosed. They might be mates staying there who were never on the lease, or relatives, folk leasing a room in the home, or even squatters.

You have to throw out them, and it isn't necessarily a clean process. Be ready to hire a counsel, as it can get untidy. If the people you are evicting are leasing the home, it's not your fault the owner has let the home foreclose, he/she may have been accepting their without paying the lender. Clearly in this case these folk aren't going to be ready to leave just because you purchased the house, so you honestly may need to bribe them or work something out with them to get them to leave.

And in some cases, if they will not leave, and you attempt to sue them or examine court action, they can retaliate. Continue with caution. Also, keep in mind that if a seller realises they're about to be foreclosed on, they stop caring about the home. Meaning if something breaks, they are not going to trouble to mend it. Some people have even been sour enough to destroy the home. Homes have been acquired that've been absolutely flooded because the prior renter blocked up all of the drains and left every faucet on.

Some smash out of all the walls, or strip the home of every in. of scrap metal, particularly the copper wiring in and around the home. Some leave feces and urine on the carpets. Often they are going to sell everything in the home, including all the appliances to make whatever they can and run. Some have even been known to abandon the house leaving any animals or pets locked up without food or water and are left to fend for themselves. This is a horrible situation, as you can find the dead body of an animal, or one that has been driving to the point of survival, making it mean and dangerous. It's totally downcast, but it happens far too frequently.

As you can tell, this isn't a simple process, and it’s one that you need to get execs involved in. It can easily go bad and you may be stuck with a lemon that you once thought was your dream home. Occasionally you get what you pay for, and in the case of repo'ed homes, that's more frequently than true than not. Tread gently.

This piece was offered by Linda L Painter who helps buyers understand the short sale process. You may also learn aboutclosing costs when buying a home on her website.

Leave a Comment

Previous post:

Next post: