Buying a Foreclosed Home

Expect that buying a foreclosed home to be a different experience than buying a typical piece of real estate. Usually there is only one agent involved and the essential piece of paperwork is a pre-approval letter from a lender before he or she will accept the offer. Usually there's not too much room for negotiation regarding the price or other issues. On the other hand, most foreclosed homes are already vacant and as such it will take less time before one can move in.
Some of the most useful tips regarding buying a distressed property are as follows: start by getting pre-approved for a mortgage, find an agent who is specialized in foreclosures, have a sense of how long it takes to sell a home in your price bracket, take a moment to consider the sale prices of similar homes in your area, and always keep in mind that the sale for the home will be as is. To find out which foreclosed homes are for sale in your area check out online listings or contact real estate agents who are specialized in foreclosures.

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