What do you need to know about buying foreclosures?

Asked by Susan J Penn, PA,SFR,CDPE, Weston, FL Sat Feb 6, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Brian McMurr…, Agent, Tawas City, MI
Sun Feb 7, 2010
The same things you need to know when buying any property. Understand the relative value. Some are priced great others are not. Have an inspection to understand current condition.
1 vote
Bill Eckler, Agent, Venice, FL
Sat Feb 6, 2010
Buyers need to know the local RE market prior to making an offer on the property. This information will help them to appreciate whether or not their offer is within reason or way off the mark....

We see numerous frustrated buyers seeking foreclosures that a throwing numbers out as offers that are so far off the mark that they don't stand a chance of being seen as a serious offer.

Buyers need to have a basic understanding of the local market or place their trust in an agent that does.
1 vote
Sonia Martin…, Agent, Plantation, FL
Sun Feb 7, 2010
-Do the math: before to make an offer check the market conditions of the area where is located the property, see if it worth it.
-Use a good home inspector /Contractor. Most of the cases houses in Foreclosure are not in move in conditions, so need extra money for repairs.
-If the foreclosure buyer is an investor planning to “flip “ the property, and get a “big chunk” as a profit, he can’t do immediately if new buyer is financing, (there is a season period require for regular lenders) so has to look for a cash deal, maybe his or her profit can be reduce.
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sat Feb 6, 2010
That gthere is no such thing as move in condition. They all require work and it's not always obvious.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more