Buying Foreclosed Property
Buyers have never had as many options as they do today to pick up foreclosed property at reduced rate over comparable homes. Buying a foreclosed property however is not as streamlined as a traditional purchase and that’s where the benefit of using an Highlight Realty Agent comes in.
No matter if you’re a first-time homebuyer or a savvy real estate investor it’s especially reassuring to have an Highlight Realty Agent who is experienced in foreclosure properties working on your side of the transaction.
The foreclosure process is a complex one with a myriad of variables that affect the purchase process and price. These factors depend on the policies and practices of the original lender and differences in state laws—logistics that take a true expert to sift through. Then there’s the condition of the home. Foreclosed properties can be in dire need of repair. In some cases, angry former owners have purposely damaged the home and removed appliances and fixtures.
The condition of the house may affect a buyer’s ability to qualify for an FHA loan, and your Highlight Realty Agent can explain those requirements as well.
Experienced Highlight Realty Agent will tell you that not every foreclosed property is a smart purchase even if the price is tp good to be true . If you’re a first-time buyer, an Highlight Realty Agent will not limit the showings to just foreclosed properties, but will insist that you also see a number of other residences on the market so that you can make an informed comparison.
If you are an investor, your Highlight Realty Agent will perform a market analysis and due diligence to define whether a prospective property, or lender-owned property, will show a profit whether you intend to lease it out or flip it for a profit in the near future.