Four Tips for Smarter Foreclosure Shopping


20 November 2009 @ 10:11 am EDT

Foreclosures can be good deals for homebuyers, but with 1.5 million of them on the market, shopping carefully is important.

Here are some tips for anyone navigating the foreclosure market:

  • Don't pay too much. With so many exuberant buyers, bidding up a property beyond its worth can be easy to do.
  • Get to know the banks. Practitioners who establish relationships with asset managers at banks can facilitate good communication.
  • Factor in fix-up costs. Most banks would rather sell a property as-is. Buyers should consider what shouldering that responsibility will cost. Touring the properties with a contractor can be a good plan.
  • Bid smartly. Help the buyer get the inside track by gathering as much information as you can about other bids.

Source: CNNMoney.com, Les Christie (11/19/2009)

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