Here’s a real short list of things to get when buying a foreclosure. Unlike normal home purchases ,the are many ins and outs when buying a foreclosure, and could potentially cost YOU money.
The list of DOs
Do get someone who knows how to deal with foreclosures (A Realtor who KNOWS what they’re doing)
Do inspect the property, find a good inspector to help you
Do have well inspections, termite inspections and the associated inspections a normal inspector may not cover
Do consider having the electric put in your name if it is off, even if for 2-3 days to test the electrical systems, many banks will allow you to do this
Do be careful when offering on a foreclosure, if it’s been on the market for a while, you can attempt to lowball , however if it’s brand new, don’t even think about it
Do pay attention to the extra contracts required to purchase a foreclosure, it can be a costly mistake if you don’t pay attention!
The list of Don’ts
Don’t treat a foreclosure/short sale like you would a normal home
Don’t forget to have everything completed in the given time frames (Inspections, financing ,ect) – Banks LOVE to charge for delays
Don’t be slow to act, foreclosures many times sell in the first week or two of listing , you only have a short time to make a choice!
Don’t get upset if the bank doesn’t meet all your requests (Closing costs, Inspection time frames, ect) as each bank has their own policies, that can vary widely from bank-to-bank.
Finally, I can not stress this enough to you – USE A REALTOR WHO DEALS WITH FORECLOSURES! Bank only are looking out for themselves, so you need someone to watch your back.
Call me – Brandon Schlichter @ HER Real Living, 740-571-1606
