On The Level - The Home Improvement Blog
About our bloggers
Contact our bloggers

Photo courtesy of respres.

The Foreclosure Discount

In today's real estate market, foreclosures abound. Is it time to cash in on the opportunity? As this article in the Wall Street Journal points out, finding a good foreclosure can be difficult.

Banks don't like to advertise a home as "bank owned" but do provide lists of homes for sale on their websites. Search for "REO" (real-estate owned) on lenders' sites. Other sites to check include RealtyTrac.com, BankHomesDirect.com, and Foreclosures.com, all of which are for-pay sites. You can also check the Foreclsoure Google Map (free) for listings in your area. Finding a real estate broker with experience dealing with REOs is also a good move.

If you do go ahead with buying a foreclosure, make sure to get a thorough inspection. The phrase "buyer beware" applies in spades to foreclosed properties. Also, do your homework - good foreclosure properties go quickly and it helps to have all your paperwork in order before making an offer.
Tip: Don't try to bargain the price down further. Banks are already pricing the property at a steep discount already.

It's a potentially treacherous road but it can have a big payoff. Anyone out there pursuing this angle?

About  | FAQ  | Contact  | Sitemap  | Privacy Policy  | Terms of Use  | Help

© 2017 Renovate Your World LLC