Foreclosed properties can be priced at a substantial discount, but they can also be a riskier investment. Before making an offer on a foreclosed property, please contact me. I am a Certified Distressed Property Expert and deal with these types of properties on a daily basis.
Items of consideration before you buy a foreclosure:
- Do a title search – make sure that when you purchase a foreclosure that you are the only person who has any ownership claim.
- Check for liens – find out if there are any liens against the property because you will be responsible for paying them.
- Know what you are getting. Foreclosures are sold “AS IS” and in many cases you will not be able to do a proper inspection.
It is also important to consider that there are different types of foreclosure properties and each type comes with its own advantages and disadvantages. The different types of foreclosure purchases are: