buying a foreclosed home

 · In many areas, home prices have fallen dramatically, and the number of foreclosures has skyrocketed. Given the above, a recent article in Money Magazine that provided tips for buying a foreclosed home piqued my interest. For starters, they pointed out that (nor surprisingly) it’s easier than ever to find foreclosed homes.

Erin Burrus has endured some misfortune in recent years: After a cancer diagnosis, she lost her home to foreclosure..

better home than you might otherwise be able to afford. But whether you’ll be able to find a foreclosure largely depends on where you live. Foreclosure rates vary by state. When you buy a repossessed.

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 · While the price you negotiate for a foreclosed home may be significantly less than its value just a few years back, many such homes may require substantial repairs. mcgilvray says that anyone buying a foreclosed property should make sure.

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You will likely be asked to buy the home "as is." There are drawbacks to buying foreclosures, and you must make your offer subject to a home inspection. Some sellers in default will damage homes in foreclosure or strip assets such as kitchen or bathroom appliances.

Buying a foreclosed home is a little different. "Buying a foreclosure is definitely a bit of a grind. It’s not easy," says Robert Jensen, broker and president of the Rob Jensen Co. in Las Vegas.

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Foreclosure Numbers. Other cities in the top five, according to RealtyTrac, are Trenton, NJ, with 2.14% of its housing stock having foreclosure filings; the Tampa Bay-St. Petersburg-Clearwater metropolitan area of Florida with a foreclosure rate of 2.03%; Jacksonville, FL, at 2.02%; and Miami, FL, at 1.98%.

 · And remember, buying a foreclosed house is a relatively advanced strategy, so if you’re not ready, check out these other ways to find houses to flip. Step 3: Physical due diligence. One of the trickiest parts about buying at auction is that you cannot get into the property that is being foreclosed on.

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House auctions offer foreclosed homes up at a reduced price, saving you big on your new piece of real estate. But before you consider buying a foreclosed home at a house auction, be aware of five.