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Some Of The Key Things You Need To Be Aware Of When Buying Foreclosed Properties

Aug 17, 2007
Unfortunately in today's market there are many people that just can't survive the everyday expenses for many different reasons. Job loss, unexpected illness and injury or family member death are all situations that we each hope we don't have to face but are honestly uncontrollable. In these scenarios that turn over with in a short amount of time, the risk in purchasing their foreclosed properties is rather low because most likely up until whatever incident threw them for a loop they most likely did well in taking care of what they needed to in terms of repairs and household upkeep. The other situation stems from those that really did not have any intentions of maintaining the property from the beginning.

Depending how long the home was in their name and under their care should give you an idea to the extent of damage is involved in the property and what it will cost to recover.

In either situation it is important to check with a licensed construction professional to determine what is truly wrong with the structural parts of the home. With this valuable information you can weigh what the house is worth and deduct what the costs associated with its repair will be to make an informed decision on whether or not it is something you would want to delve into.

Also, it is a good idea to enlist the services of a reliable assessor for the current market value of the house. Be sure that the assessor you chose is someone who knows what your goals are because the market value of a house is so unbelievably different from one person's perspective to the next. If you and your assessor have open o communication allowing you both to be on the same page of expectations, this will help you receive an accurate quote in the best interest of your needs.

It is also important to seek out the best buyer for your situation. If you are purchasing a foreclosed home from a bank, there is less likelihood of tenants to evict, unpaid liens to take care of and past due taxes to cover. If you are interested in trying to get a better price, you might find the option of approaching a pre foreclosure homeowner about buying the house from them and taking advantage of their equity. This is not always an easy task however. Due to their situation, they are most likely not answering the phone, if they have one. They most likely don't respond to mail and may not have a steady schedule of when they could be found at home.

This option is definitely for the more experienced purchaser and you would need to be really driven.
For anyone thinking about purchasing a foreclosed home, it is important to make these decisions on an informed idea of what you are getting into. With all this said, it is also a very profitable business for many contractors who can do some of the repairs themselves and flip it in a reasonable amount of time.
About the Author
Gregg Hall is an author living in Navarre Florida. Find more about this as well as home foreclosure at http://www.houseandpropertyforeclosures.com
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