The Newest List of Foreclosed Properties

Tips for Buying Foreclosed Property

The current real estate market has increasd the opportunity for buyers like you to purchase bank owned property. Some buyers will see this as a once in a lifetime chance at picking up a home for significant savings. Below, we have provided you with our best tips for purchasing a deal without getting yourself in over your head.

Get All the Numbers - Be sure to see what the true cost of picking up a foreclosed property.  While the List Price may look enticing, get a quote from a local contractor on what it would cost to bring the home up to current value.

See it - Make sure you personally tour the property.  If you can use an agent that deals regularly in the purchase of foreclosed property all the better.  Realtors must disclose any material defects in the property.

Who are the People in Your Neighborhood - Learn information about the neighborhood where the house is located and the values of those homes that have sold recently.  You can improve the home but you can't change the neighbors.

Vacant - How long has the property been vacant.  If you have a house that was vacant in the winter you may have busted water pipes or appliances that have gone bad.

Winterized - Has the property been properly winterized?  This means all of the plumbing pipes have had the water removed and a type of anti-freeze liquid that is safe for home plumbing lines has been pumped into the pipes.

Landscaping - while the house may be dynamite the outside can add up if you are not careful to include this in your overall cost to repair the property.

Inspection - Always have an independent inspection of the property and have this written into the contract to protect you from buying a lemon.

If you are in St. Charles County or the St Louis Area feel free to contact us and we will guide you through the purchasing process of a foreclosure at no cost to today at 636-229-8830.