How do you really feel about foreclosures?
Most savvy house hunters know that foreclosed homes are a hot topic in today’s market. In fact, real estate addicts are looking now more than ever before – searches for foreclosures on more than tripled in the first quarter of 2008.
But, that doesn’t mean that home buyers are comfortable with the process. Trulia commissioned Harris Interactive for our latest and greatest foreclosure survey, which told us that while consumers see the potential value in foreclosures, the vast majority are worried about hidden costs and a confusing process.So, we scoured Trulia Voices to find a panel of foreclosure specialists across the country to provide some advice. Here’s part one of our two-part foreclosure special edition.
Three foreclosure tips to put your home buying fears at rest
Make inspections mandatory
Minimize hidden costs by planning a professional inspection. Don’t be afraid to get a second opinion. Think you’ve got hidden costs? Check out this buyer’s problem.
Pic Q: Test for Meth? Found a bank-owned [house] in a good neighborhood that needs some work… it seems to make sense to make purchase subject to clean inspection for meth. How can you test?
Asked by Kendra, Home Buyer in Phoenix
A: Great thinking to test for Meth. Besides checking police records, and doing a search of the prior resident. The property will only be a hazard if… see more
Avoid pre-stage
The pre-foreclosure/short sales stage is typically not the most profitable. You could wait weeks or even months for an answer from the lender. Find out what one buyer learns about foreclosure prices.
Pic Q: How do I get more info on a pre-foreclosure home? Is the price you see on the website the price you pay?
Asked by Daniel Craig, Home Buyer in Northern Ireland
A: I would encourage you to go directly to the source to get first hand and current information. Contact the agent and request… see more
Talk to experts
Make an appointment with an experienced foreclosure agent. Don’t be afraid to ask a lot of questions. Especially if you are a first time home buyer like this house hunter.
Pic Q: I’ve been told that foreclosures are the best value for me as a first time home buyer. T or F?
Asked by Betsey, Just Looking in Renton
A: It is a common myth that Foreclosures are always a great deal and buyers should only look for those… see more
Want more foreclosure tips? Stay tuned for part two of the Trulia foreclosure tips special edition.