Foreclosure Bargains Can be Found -- Part 2

By Jeff Adolph

Buying a Foreclosed Home

Foreclosed home buying is a little different to purchasing solvent real estate, and it is advisable that you conduct your own research and enlist the services of a foreclosure specialist before you sign any contract.

Typically foreclosed homes are sold in 'as is' condition and the normal rules of disclosure often do not apply to the lenders selling the property. Therefore, if you are thinking about purchasing a foreclosed property it is highly recommended that you do the following:

1) Thoroughly inspect the property inside and out. Walk around the property with a pen and paper and list the points that you believe will need fixing so that you can then get a cost estimation for repairs before negotiating a price for the home.

2) Hire a building inspector to check the homes electrical wiring, plumbing and structure so that you know the home that you are buying is sound, or if anything needs repairing you will know exactly how much repairs are likely to cost you.

However, not all foreclosed homes are in disrepair, or come with hidden surprises, and even those that do are priced so cheaply that even repair costs of $100,000 don't take the home's price up anywhere near its actual market value.

As George Fountain owner of equitybustours.com, a foreclosure bus tour company said, "Typically a foreclosure is not going to be in pristine condition. When the banks take over a property, they don't invest in repairs. You just can't go in and run the water in the bathtub."

However, when homes like a five bedroom, four-bath in Granada Hills, California, are priced at $579,000, a little peeling paint and buckling flooring is hardly going to be seen as a huge downfall, especially when the home is selling for 40% below its market value.

Article Source: Gopal, Prashant (2009) Where to Find the Biggest Foreclosure Bargains on Luxury Homes; available online at http://www.businessweek.com

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© 2006+ Jeff Adolph GayRealEstate USA

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By Jeff Adolph

Buying a Foreclosed Home

Foreclosed home buying is a little different to purchasing solvent real estate, and it is advisable that you conduct your own research and enlist the services of a foreclosure specialist before you sign any contract.

Typically foreclosed homes are sold in 'as is' condition and the normal rules of disclosure often do not apply to the lenders selling the property. Therefore, if you are thinking about purchasing a foreclosed property it is highly recommended that you do the following:

1) Thoroughly inspect the property inside and out. Walk around the property with a pen and paper and list the points that you believe will need fixing so that you can then get a cost estimation for repairs before negotiating a price for the home.

2) Hire a building inspector to check the homes electrical wiring, plumbing and structure so that you know the home that you are buying is sound, or if anything needs repairing you will know exactly how much repairs are likely to cost you.

However, not all foreclosed homes are in disrepair, or come with hidden surprises, and even those that do are priced so cheaply that even repair costs of $100,000 don't take the home's price up anywhere near its actual market value.

As George Fountain owner of equitybustours.com, a foreclosure bus tour company said, "Typically a foreclosure is not going to be in pristine condition. When the banks take over a property, they don't invest in repairs. You just can't go in and run the water in the bathtub."

However, when homes like a five bedroom, four-bath in Granada Hills, California, are priced at $579,000, a little peeling paint and buckling flooring is hardly going to be seen as a huge downfall, especially when the home is selling for 40% below its market value.

Article Source: Gopal, Prashant (2009) Where to Find the Biggest Foreclosure Bargains on Luxury Homes; available online at http://www.businessweek.com

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*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Buying a Foreclosed Home

Foreclosed home buying is a little different to purchasing solvent real estate, and it is advisable that you conduct your own research and enlist the services of a foreclosure specialist before you sign any contract.

Typically foreclosed homes are sold in 'as is' condition and the normal rules of disclosure often do not apply to the lenders selling the property. Therefore, if you are thinking about purchasing a foreclosed property it is highly recommended that you do the following:

1) Thoroughly inspect the property inside and out. Walk around the property with a pen and paper and list the points that you believe will need fixing so that you can then get a cost estimation for repairs before negotiating a price for the home.

2) Hire a building inspector to check the homes electrical wiring, plumbing and structure so that you know the home that you are buying is sound, or if anything needs repairing you will know exactly how much repairs are likely to cost you.

However, not all foreclosed homes are in disrepair, or come with hidden surprises, and even those that do are priced so cheaply that even repair costs of $100,000 don't take the home's price up anywhere near its actual market value.

As George Fountain owner of equitybustours.com, a foreclosure bus tour company said, "Typically a foreclosure is not going to be in pristine condition. When the banks take over a property, they don't invest in repairs. You just can't go in and run the water in the bathtub."

However, when homes like a five bedroom, four-bath in Granada Hills, California, are priced at $579,000, a little peeling paint and buckling flooring is hardly going to be seen as a huge downfall, especially when the home is selling for 40% below its market value.

Article Source: Gopal, Prashant (2009) Where to Find the Biggest Foreclosure Bargains on Luxury Homes; available online at http://www.businessweek.com

------------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Buying a Foreclosed Home

Foreclosed home buying is a little different to purchasing solvent real estate, and it is advisable that you conduct your own research and enlist the services of a foreclosure specialist before you sign any contract.

Typically foreclosed homes are sold in 'as is' condition and the normal rules of disclosure often do not apply to the lenders selling the property. Therefore, if you are thinking about purchasing a foreclosed property it is highly recommended that you do the following:

1) Thoroughly inspect the property inside and out. Walk around the property with a pen and paper and list the points that you believe will need fixing so that you can then get a cost estimation for repairs before negotiating a price for the home.

2) Hire a building inspector to check the homes electrical wiring, plumbing and structure so that you know the home that you are buying is sound, or if anything needs repairing you will know exactly how much repairs are likely to cost you.

However, not all foreclosed homes are in disrepair, or come with hidden surprises, and even those that do are priced so cheaply that even repair costs of $100,000 don't take the home's price up anywhere near its actual market value.

As George Fountain owner of equitybustours.com, a foreclosure bus tour company said, "Typically a foreclosure is not going to be in pristine condition. When the banks take over a property, they don't invest in repairs. You just can't go in and run the water in the bathtub."

However, when homes like a five bedroom, four-bath in Granada Hills, California, are priced at $579,000, a little peeling paint and buckling flooring is hardly going to be seen as a huge downfall, especially when the home is selling for 40% below its market value.

Article Source: Gopal, Prashant (2009) Where to Find the Biggest Foreclosure Bargains on Luxury Homes; available online at http://www.businessweek.com

------------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Buying a Foreclosed Home

Foreclosed home buying is a little different to purchasing solvent real estate, and it is advisable that you conduct your own research and enlist the services of a foreclosure specialist before you sign any contract.

Typically foreclosed homes are sold in 'as is' condition and the normal rules of disclosure often do not apply to the lenders selling the property. Therefore, if you are thinking about purchasing a foreclosed property it is highly recommended that you do the following:

1) Thoroughly inspect the property inside and out. Walk around the property with a pen and paper and list the points that you believe will need fixing so that you can then get a cost estimation for repairs before negotiating a price for the home.

2) Hire a building inspector to check the homes electrical wiring, plumbing and structure so that you know the home that you are buying is sound, or if anything needs repairing you will know exactly how much repairs are likely to cost you.

However, not all foreclosed homes are in disrepair, or come with hidden surprises, and even those that do are priced so cheaply that even repair costs of $100,000 don't take the home's price up anywhere near its actual market value.

As George Fountain owner of equitybustours.com, a foreclosure bus tour company said, "Typically a foreclosure is not going to be in pristine condition. When the banks take over a property, they don't invest in repairs. You just can't go in and run the water in the bathtub."

However, when homes like a five bedroom, four-bath in Granada Hills, California, are priced at $579,000, a little peeling paint and buckling flooring is hardly going to be seen as a huge downfall, especially when the home is selling for 40% below its market value.

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© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By: