Sunday, June 22, 2008
Buying a Foreclosed Home
10:13 am cdt
Are you thinking about buying a foreclosed home? You can find many of these homes online, but
real estate agents/brokers also have great connections and resources in finding these homes and most banks use them to sell
their homes. Look for a house that has been on the market for at least 90 days.
You can also find these
homes online. On http://www.redfin.com/, you can do a free search for these properties. Chicago is going to be included on this list very soon.
Also, you can search nationwide for a small fee at http://www.foreclosures.com/ or http://www.realtytrac.com/.
Make sure if you do decide to buy one of these homes that you do an inspection!!! Never
buy a foreclosed home without a thorough inspection. People who are facing foreclosure often neglect maintenance and may have
stripped the home of its fixtures and appliances on the way out. Be sure to factor remodeling and repair work into the price
Also, of course, make sure you hire a competent real estate attorney to represent you. Good luck!