How To Purchase a Foreclosed Home
Want to buy a foreclosed property? Learn how by listening to the newest episode of “How’s the Market: Real Estate. Real Answers” – How To Purchase A Foreclosed Home
Tune in to Nancy Braun, host and owner of Showcase Realty along with Wes Pruitt with Reliance First Capital and Laurie Baker from Baker Law as they discuss the ins and outs of how to purchase a foreclosed home.
The key is though is to make sure that you know what you’re getting into as a consumer and make sure you’re working with the people who really have in-depth knowledge of how these properties work and what you should really be looking out for in advance. – Wes Pruitt
I still say rates are still so low right now that I would finance as much as they would let me finance and keep as much of my capital or spread that out. Purchase more homes. You know you’re probably gonna have to do a little work on these homes so you’re going to want to save your cash if you can. – Wes Pruitt
Buyers are reluctant to tell their lender the condition of the property and I want them to tell them the good bad and ugly so they’re prepared because the appraisers’ gonna go out there and they’re gonna notify the lender that there’s a roof leak or that there’s peeling siding and if they don’t have the right loan product in place, they won’t get with the financing if it doesn’t match the condition of the house. – Nancy Braun
On the buyer side, the main thing you wanna watch out for is when you purchasing a foreclosed home, the vast majority of the time, the seller’s gonna be selling that property as is. – Laurie Baker