Three Ways to Shop for a Foreclosed Home
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Although it's not a situation anyone would wish for, the recent financial issues could be a windfall for you. Lenders around the country have ended up with some 700,000 foreclosed properties they're trying to resell, according to RealtyTrac. So how do you buy one and know that you've done a good job?
If you're looking for a good investment, careful shopping of these Real Estate Owned (REO) properties could net you an excellent buy. We suggest following these guidelines:
1. START AT HOME.
You can view REO properties availabe for sale through our web site, www.exitmidrivers.com or talk to one of our agents. To broaden your search, try www.foreclosures.com or www.realtytrac.com (both sites offer 7-day free trials). Bargain hunters may want to focus on property that has been on the market for several months.
2. LOOK CAREFULLY BEFORE YOU LEAP.
Foreclosed homes often suffer from their previous owners' neglect or frustration, which means you could face a sizable repair bill. A thorough home inspection is a must, and you'll want to take estimated fix-up costs into account before making an offer.
3. LET ME HELP YOU.
The lender owning the REO property will require you to prequalify with them, but you can get your mortgage anywhere. We can assist you in finding the right mortgage company or bank to suit your needs.
Sound interesting? If so, you don't have to navigate the process by yourself. Just call us and let us put our experience to work for you. |
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