Buying a foreclosed home – 5 tips from Bankrate.com

We get many inquiries from prospective real estate investors about buying a home that has come through foreclosure.

Our friends at Bankrate.com have published 5 tips to help a buyer negotiate the sometimes tricky path to buying a foreclosed home.

"Buying a foreclosed home is a little different from buying a typical resale.

"In many cases, only one real estate agent is involved. The seller wants a preapproval letter from a lender before accepting an offer. There often is little, if any, room for negotiation. The home comes as is, and it's up to the buyer to pay for repairs.

"On the upside, most bank-owned homes are vacant, which can speed up the process of moving in."

Here are the tips.

1. Get preapproved for a mortgage.

2. Find an agent specializing in foreclosures.

3. Know how long it takes to sell a home in your price bracket.

4. Study the sale prices of comparable homes in your area.

5. Remember the sale is for the home as is.

Read the full article.

For your next title order
or if you have questions about what you see here,
contact Stephen M. Flatow
Vested Title Inc.
648 Newark Avenue, P.O. Box 6453, Jersey City, NJ 07306
Tel 201-656-9220 - Fax 201-656-4506
E-mail vti@vested.com - www.vested.com
We're the New Jersey specialists.

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