Five Rules for Buying a Foreclosure or Short Sale with Confidence
Five Rules for Buying a Foreclosure or Short Sale with Confidence
(ARA) – Buyers are still clamoring for real estate deals in this turbulent market. Foreclosures and short sales offer some of the best bargains, but also have a higher risk level. Still, more than four in five adults think foreclosures and short sales can be good deals, according to a recent American Society of Home Inspectors (ASHI) survey.
Some analysts say the rebound has begun and home prices may rise by the end of 2012. This means now may be buyers’ last chance to take advantage of affordable properties and low interest rates. If you want to score a bargain before the housing market recovers, you’ll need to follow a few rules to invest with certainty.
Make a wise investment by adhering to these five rules while shopping distressed properties:
Rule 1: Position yourself for success
Before starting your search, get preapproved for a mortgage so when a good deal presents itself, you’re positioned to submit a bid right away to be the first offer on the bank’s desk. Work with an experienced real estate agent who can help guide you through the daunting sea of foreclosures and short sales. Bidding can be complicated and time-consuming, especially when working with a home sale needing bank approval. A good agent will know how to navigate through the paperwork and red tape.
Rule 2: Do your research
A real estate agent can help you with research, but it’s wise to do some on your own. Are there any undisclosed liens on the property? Is the seller behind on his property taxes? What permit records does the city have on file? This information will be critical during decision-making. Work with your agent to
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