5 Tips for Buying a Foreclosed Home

5 Tips for Buying a Foreclosure

Buying a foreclosed home is not like the typical home purchase. In many cases:

  • Only one real estate agent is involved.
  • The seller wants a preapproval letter from a lender before accepting an offer.
  • There is little, if any, room for negotiation.
  • The home is sold as-is, and it’s up to the buyer to pay for repairs.

On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.

“Buying a foreclosure is definitely a bit of a grind. It’s not easy,” says Robert Jensen, broker and president of the Rob Jensen Co. in Las Vegas. “You’re getting fantastic pricing, but sometimes it takes going through a lot of houses and writing a lot of offers to get the home you want.”

Read Full Article [Source: www.bankrate.com]