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Advice For Purchasing Foreclosed Homes

Apr 16, 2008
For anyone searching for a home, you're not only buying the walls, roof, and land that it sits on, you're also inheriting something much more important: a mortgage. Mortgages can be somewhat confusing for the first time homebuyer, and often people are not aware of the "fine print" such as added fees. Property tax, interest, and homeowner's insurance are just some of the line items that homebuyers should be aware of. The property tax alone can make up a substantial part of a mortgage, and many homeowners and businesses have lost their property after government seizure due to tax related foreclosure.

Now That's Clear As Mud

Investors can actually turn misfortune into profit by purchasing tax foreclosures. By buying low priced property that has been forced into a short sale, investors can get much more bang for their buck. As an investor, it's very important to use some common sense and past experience when purchasing tax foreclosure properties. You don't want to bite off more than you can chew, or buy something you may regret later on.

Common Sense

There are free listings of tax foreclosures all over the real estate industry. You can specialize in just one area or search through properties all over the United States. Be prepared to do a lot of traveling if you go the latter route, especially if the property you want is listed as being sold "as is" or "where is" basis. Never assume - always inspect carefully any property on tax foreclosure lists you want to buy.

In some cases, the previous owner may actually still be in the home. They could have turned over to renting the home just to stay in it, or they could actually be living in the property illegally. If this is the case, the authorities might need to be involved. Losing a home is never easy, and many prior owners have hard feelings about the situation, so be prepared for damage they may potentially cause to the home.

Research of the home and/or property you plan to be in is extremely essential. You will need to find out if there was ever any major structural damage, such as from a storm or an accident. If something such as a roof has been replaced, make sure it is inspected carefully to ensure that the job was done correctly. Finding information on these issues can be done at the court house of the county that the property is in. It is possible to get a free property history from a real estate agent, but this may not always be the case.
About the Author
Whether you are looking to stop foreclosure on your property or to profit from foreclosures , you can't afford to not visit TheForeclosureCentre.com
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