While buying a foreclosed property may present some savings, risks also abound. We found this advice on RealEstateJournal.com:
• To find offerings, read the legal notices section of the local newspaper, or check in with title companies, real-estate agents and lenders, suggests June Fletcher.
• Understand that not all foreclosures are bargains. Some lenders may be slashing prices on bank-owned properties, but “the prices on such properties remain stubbornly high,” writes Kelly Evans and Sara Murray.
use online tools to find out going home prices.
“You can’t expect to bid 50% of the asking price and hope to get it,” Ms. Evans and Ms. Murray quote one Realtor as saying.
• When coming up with your offer, factor in the cost of the repairs the home may require. Foreclosed properties can sit vacant for periods of time (and thus may fall into disrepair).
Foreclosed homes tend to solicit multiple bids
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