Nine Tips for Buying a Foreclosed Home
Posted by NewBuyer on December 27, 2009 | No Comments
A current, insightful look at how to buy a foreclosed home. Nine tips are detailed. Learn how to budget carefully, view the home and evaluate the neighborhood, inspect the home for vacancy or improper winterization damage, consider the landscaping, contract for a private inspection, consider a HUD home, do not expect to make a quick profit on the home.
From the resource about buying a HUD foreclosure: “HUD houses go to market about six months after foreclosure. Local governments get the first option to buy. After that, buyers who pledge to live in the house have the first opportunity to offer a bid. If the house is still on the market after a period of about 10 days, the listing is opened to investors. Owner occupants end up with about half of HUD’s properties, according to HUD officials.”
Source: CNN.com
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Tags: foreclosure
Filed Under: Home Buying
