Beautiful 2 story home home on beautiful treed lot in The Woods of Fair Oaks a gated community. Home features 4 bedrooms & 3 1/2 baths with 3 car tandem garage. Master be...
Foreclosure Homes Sales
Looking at ways to stretch your home-buying dollar? Foreclosures may be the option for you. Short sales are another great group of homes to search for a bargain price on a beautiful home.
Foreclosures work differently than other purchases. You will need to be prepared for some of the key differences:
First, find a thorough home inspector. Most banks will sell these properties "as is", but that doesn't mean that you shouldn't get an inspection. Because the previous owners have fallen behind, it is likely that home upkeep has been delayed. You will want to know what sort of repairs are necessary before you finalize your agreement.
Second, be patient after you make an offer. Banks are getting better at responding, but it will take time to get the necessary approvals. If you can't wait for an answer, foreclosures might not meet your needs.
Third, be ready to close quickly once your offer has been accepted. Every day that house sits empty, the bank is losing money. Once they have cleared all the hurdles, they want to set a fast closing date. This may require flexibility from you, the buyer.
Finally, use a Realtor that has experience with foreclosures! Robert has negotiated this process before and he will make the system work for you!