You are looking for a new house, you start reading the real estate ads and suddenly you run into the phrase: “Properties in foreclosure”, and you think: “Mmm … can I do a good business here?”.
Do not worry; you’ve come to the right place. Below you will find some tips and tricks that will help guide you in the purchase of houses in foreclosure.
How to Buy Foreclosure Homes (Beginners Guide)
Do a Detailed Investigation
Earn the trust of a real estate agent that is related to specialized banks in foreclosure auctions. Look for web pages that contain lists of foreclosed homes for sale, not to look at homes, but to find an agent. If you find a banking agent, you will do yourself a great favor, for two reasons:
You will not have to pay double commission. Many times you can work directly with the banking agent to close a deal, omitting the need to hire your own real estate agent, who acts as another intermediary. The fewer intermediaries involved in the sale, the less money you will spend.
Banking agents often have access to private lists of houses in foreclosure. These agents often examine such lists for up to a week before making them public. If you ask them about these lists, they will take you to a hidden treasure: houses in foreclosure, but that have not yet officially come on the market.
