Tal Rappleyea shares a few great tips that will make buying a foreclosed home much simpler.

1. Tips For
Buying A
Foreclosed
Home
Tal Rappleyea

2. If you’re looking to buy a house but are
struggling to find something in your
price range, a good idea is to buy a
foreclosed house. Foreclosed homes
can often save you a lot of money and
more often than not it can be an overall
better experience than dealing with a
homeowner. Of course, foreclosed
homes come with plenty of other
potential problems and warning signs
than buying a regular home, so there
are some things to be aware of. Here
are a few tips to help you buy a
foreclosed home.

3. As with the purchase of any house, having an
experienced real estate agent at your side will make the
process much smoother. That likely isn’t enough though.
Not only do you want to have an experienced real estate
agent, but you’ll want one who is experienced in dealing
with foreclosed homes. If you can, try to find one who
has training in the area of foreclosures, such as having
certificates such as the Certified Distressed Property
Expert or the Short Sales and Foreclosure Resource
designations.
FIND AN
EXPERIENCED
REAL ESTATE
AGENT

4. Before you go and make an offer, you and
your real estate agent will want to take a
look at comps. What this means is that your
agent runs a comparative market analysis,
and then you can get a better sense of what
other comparable properties have been
selling for lately.This will give you the ability
to put down a competitive offer.
Occasionally foreclosures will be priced too
high so you’ll likely want to lower the price.
By finding comps, you can make an
appropriate offer and not try to get them to
cut the price in half.
BE SURE TO
LOOK AT COMPS

5. One of the big catches with buying a foreclosed home is
that you’re likely going to have to buy it in its current
condition. With traditional homes, you’re often able to
negotiate with the homeowner certain things that will be
fixed before you buy the house, such as fixing a roof. With
foreclosures, this usually isn’t possible and sellers can’t
guarantee that the property won’t have damages. Be sure
to get a home inspection done, as they can let you know
exactly what might be heading your way when you
purchase the house.
BE PREPARED
FOR THE HOME
TO BE SOLD “AS-
IS”

6. THANKS!
Website: TalRappleyea.net
Twitter: @TalRappleyea
LinkedIn: Tal Rappleyea