Unfortunately, during this harsh economic recession, there are foreclosures galore. Many are looking into buying foreclosures either as investment or as a primary residence. Some foreclosures are not great deals though.
KNOWING THE FORECLOSURE MARKET
Be Ready to Work Fast
In the foreclosure and pre-foreclosure market, you need to work quickly. No one is going to stick around for you to take your time. Get everything in order so you can close a deal fast.
Pre-foreclosures vs. Foreclosures
In a Pre-foreclosure the owner is still in control and may be more willing than the bank to lower the price. In general you will find the best deals at pre-foreclosure stage.
Work Out Your Finances In Advance
Because you have to work quickly, before you begin looking for a distressed sale, make sure you have a handle on your monetary situation. Know your budget in advance. Work out how you are planning on paying for the property in advance. You should also consider getting pre-approved for a loan
Finally, learn as much as you can about local neighborhoods you are considering. Study pricing trends so that you can spot a good deal.
You will need to look at many foreclosed and pre-foreclosure properties to find a great deal and be ready for tough competition. Today, everyone is looking for a deal.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.