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Tips for Buying a Foreclosed Home

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Buying a foreclosed home? Many other homebuyers are, but there are a few things to keep in mind.

The crash during the first half of 2012 resulted in many, many foreclosed homes on the market. If you are considering purchasing a home that was foreclosed or is currently in foreclosure, there are many things to keep in mind to avoid costly mistakes along the way. Here are some of the ways to prevent mistakes (and a headache or two).

Don’t Get Tunnel Vision

Some buyers see the positives in purchasing foreclosed homes and get tunnel vision. While it’s alright to enter the purchasing process seeking a foreclosure, don’t only focus on foreclosed homes and rule out all others. While there are foreclosed homes that are awesome values, there are also traditionally listed homes that provide the same amount of value. Keep in mind that foreclosures are almost never baggage-free. You should be prepared to make repairs and bring the property up to date, especially if it has been unoccupied for months or years. Some foreclosures have liens against the property that will also need to be taken care of.

Choose Experience with Clagett Enterprises

If you are looking at purchasing a foreclosed home, you should pay attention to the amount of experience that your real estate agent has in that specific market. Whether it’s a short sale, a property owned by the bank, or a pre-foreclosure situation, you need someone who knows the law and regulations well to ensure that the sale is as seamless as possible. Be prepared to also consult with a lawyer during the process to double-check that everything is being taken care of properly.

Don’t Skimp on Your Property Inspection

Property inspection is one of the most important parts of any real estate sale, but it is particularly important for homes that have been foreclosed and potentially unoccupied for long periods of time. A home inspection doesn’t just stop at how the house looks, but instead delves into the walls and underneath the floorboards. Over 70% of homeowners in the United States agree that an inspection helped them, and almost 65% of homeowners said that their inspection helped them save money. Make sure to pay attention during the inspection and be prepared to secure estimates for the work.

Trust the Professionals at Clagett Enterprises for Your Real Estate Needs

If you’re looking for the perfect realtor for your property or to assist during your purchase of a foreclosed home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.

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