Are you ready to buy a foreclosure?

If you are interested in foreclosures, this would be a good checklist to go over before buying a Bank-owned property.
1. Have you ever bought a foreclosure before?

2. Why do you want to buy a foreclosure? A good buy in your mind?

3. Is this for a primary residence or for an investment? As an investor, it is easier to walk away from the transaction, but if for yourself, it will be harder because you are emotionally involved.

4. If this is a primary residence, when do you need to move into the home? These transactions can take longer so you need a Plan B if the transaction drags on longer if you need to move quickly.

5. Do you have financing available? Financing can be a challenge since some foreclosures cannot be funded with the mortgages we have right now! It may require cash or doing a 203K loan if they are available.

6. Are you prepared to make repairs? If that property needs work before you can get a mortgage, remember the Bank will not do any repairs. Then, are you willing and having the funds to do the required repairs?

Be sure you get with a good agent that can guide you in buying a foreclosure as well as having your financing situation worked out before hand. Call us.