Buying a Foreclosed Home - The Lightning Checklist
Buying a foreclosed home is an excellent way to save a great deal of money. Here is our lightning checklist to help you to make that purchase as easy as possible:
Pre-approval on a loan - A bank’s pre-approval is a must. Getting the lender to commit to a house will make the search for a new home much easier.
Real estate agent - You might not need them to do all of the research, but you will likely need them to get access to the home. Find a buyer’s agent to represent you.
Research - Look for homes that you might be interested in and research everything you can. Look for appraisal value, taxes, etc. The more you know, the more likely you can find the perfect home.
Making an offer - Foreclosed homes tend to go quickly because of the low prices. Plan to move fast. Also, some of the standard negotiations won’t work. For example, negotiating lower price to avoid home repairs won’t work.
That’s it. Now get out there. Your dream home is waiting for you.