We all love a good bargain, heck they even have shows dedicated to finding sales and good deals (Extreme Couponing anyone?) This practice even spills over into the real-estate business. The best way to find a great deal on a house is to look for foreclosed homes. While I never like the idea that someone has lost their home in this way it is a great opportunity for others who are looking to purchase a new home. Many buyers feel that they can look up and find foreclosed homes on their own without the assistance of a realtor. And while every once in a while that may work there tends to be bigger issues that arise with foreclosed home that an experience realtor would be able to identify.
I have been selling real estate for the past 10 years but over the past 4 years I have been specializing in foreclosures right here in Madison County. This allows me to know the in’s and out’s of searching for and purchasing this type of home. I also have access to what foreclosed homes are on the market before the general public does. I can identify pre-foreclosed homes. This is where the seller has the opportunity to try to sell his/her home before going into foreclosure. There are also many things to consider when buying a foreclosed home. For example I would make sure to have a title search done. This would highlight any liens against the property that you are unaware of. Also buying owner’s title insurance helps protect you and your property if it were ever challenged on ownership. And as with any home it is important to have a home inspection. Even if you are buying a house “as is” you still want to know if there is any major structural issues, gas leaks, or mold problems, etc.
Please feel free to contact me with any questions about foreclosures or for a full listing of the ones in your area. I’d be happy to help you find a great deal on a house!