You probably know someone who has snagged an incredible deal on a foreclosed home. They might have been able to take a less than perfect house and turn it into a dream property. Whether they flipped it or have made it their family home, you probably want to learn some of the secrets they used to find an amazing foreclosure.
- What is a foreclosure? A home that has gone into foreclosure is one that the bank has seized from the owner due to their inability to pay the mortgage. The bank, being the owner of the home, then sells the foreclosed home. Traditionally, these homes are sold at a much lower price than comparable homes in the area. It’s not always easy to grab one of these prized deals. If you have access to the right connections, it’s possible to become one of the lucky few to purchase a home in need of some love for a great price.
- A great deal, but there are some things you should know. Of course, a foreclosure could mean an incredible deal on a home in your dream neighborhood. Usually, these homes are in a state of disrepair. Lots of times the previous owners have trashed the home or taken appliances when they move out. At the very least, general home maintenance is usually forfeited in the months or years prior to a foreclosure. Sitting vacant can cause its own list of concerns, from rodents to mold. These properties are sold “as is” and do not feature the same inspection and repair process as a traditional sale. Foreclosed homes generally need a great deal of sweat equity and TLC. The results can be amazing if you’re able to grab a great home before it’s bought by another buyer.
- It’s not what you know, it’s who you know. One of the hardest parts of buying a foreclosure is finding a foreclosed home to buy! I work with banks and clients who own some of the local Bergen County foreclosures. Since I have an inside connection with them, I’m able to make these homes accessible to my clients and help them find a great deal.
- What are some of the biggest perks of buying a foreclosed home? Besides the obvious perk of finding a home in a great neighborhood for a steal of a deal, there are other benefits to buying a foreclosure. You can customize a home to meet your needs perfectly. These homes are usually vacant which could speed up the process of the purchase. You will revitalize a neighborhood by bringing life back to a forgotten property. When it’s time to sell, you could stand to make a hefty profit on an upgraded home.
- Is the process of buying any different? Yes and no. Just like with buying a traditional home, you should get preapproval from your bank before beginning the search. Finding an agent, like myself, who knows the local foreclosure scene is also an important first step. Foreclosures aren’t sold in the same manner as the staged and immaculately prepared homes that you may have purchased in the past. I can be your champion throughout the process and find properties that you might not otherwise be able to find.
If you have considered taking on a foreclosure and want to find the best deal. Give me a call. I love working with my connections to find diamonds in the rough for my clients. I would love to help you find a foreclosed gem here in Bergen County.
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