Sometimes the Wrong One, Leads you to the Right One
Sometimes the Wrong One, Leads you to the Right One
Foreclosures are what everyone is talking about lately, and at Connect Realty in Fair Oaks our Realtors want to help you understand what to do when pursuing a home in foreclosure, so that mistakes can be avoided and the right decisions can be determined.
Settling on a foreclosure is a little like adopting that cute little animal having nowhere to go. Not in a real sense per say, but definitely can be compared.
If everything goes as planned, buying a foreclosure or a short sale will be a victory for all parties involved should the process go smoothly. Our Fair Oaks Realtors plan to get our homebuyers prepared for this process today.
Here are some helpful hints on getting a foreclosed home.
First, get pre-qualified for your loan through our preferred lender Wells Fargo for a purchase mortgage. Getting through this process is more difficult now days, and the process can take time. This also includes house payment affordability, taxes and insurance.
Second, please, please, please do not go to the auctions! This can lead to a messy house with no inspections. Many auctions will require that cash up-front. All around it is best to get the house before auction (in short sale) or after the auction (when it is a bank owned property).
Third, you WILL need an inspection. Get the expert out there to take a look at the home, and determine what needs to be replaced or corrected. Many foreclosures need sprucing up. You can even bring a contractor to the home, and get an estimate on what it will cost to repair any damage BEFORE you sign the purchase contract.
Fourth and last of all, take a walk or drive around the area. Look at the places surrounding your future neighborhood. If there are other foreclosures in the area, there are also chances that it could be a hot spot for crime, vandalism, and homelessness. Try even viewing the neighborhood at different times of the day, just to rule out all possibilities of depreciating value of the area.
In short, you may be able to find thousands upon thousands of foreclosure deals, but it may be difficult to find the right one. In this real estate market, our Realtors at Connect Realty in Fair Oaks say: be patient! Find the right one, and do not settle. After all, this is your future home!
CONTACT US to start your new home search.
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