5 TIPS FOR BUYING A FORECLOSURE WITHOUT LOSING YOUR MIND! - Reid Real Estate Group
September 6, 2017

5 TIPS FOR BUYING A FORECLOSURE WITHOUT LOSING YOUR MIND!

There is nothing quite as frustrating as trying to complete a real estate purchase where a bank is the seller…

5 TIPS TO GET YOU THROUGH THE FORECLOSURE TRANSACTION:

  • Be patient! While you as the buyer will have strict deadlines to meet and be expected to ask how high when the lender says “jump!”…don’t expect the same in return. Any requests you make or information you need will be responded to a turtle’s pace…if at all…
  • “As is” means “AS IS”! While you may get the property successfully unwinterized so that you can perform inspections, don’t hold your breath if you intend to ask for repairs to be made. These are unlikely to happen.
  • Be prepared to sign a TON of additional documents giving up most of your rights, and changing all the terms of a standard contract to those that suit this seller. If you don’t like it, don’t expect to have any changes made. Simply be prepared to move on to a different property.
  • Expect to make some improvements before moving in. Foreclosed properties have usually seen better days and will likely need some work or cleanup before they are move-in ready. In Connecticut, the foreclosure process itself may take several years so there is no telling how long the property has been vacant or neglected.
  • Always have an inspection! See the above. Know what you are getting into!

There is a reason for that low price! Foreclosures can be good deals……BUT be ready to get your hands dirty dealing with a property that may not be in stellar shape, and expect that you will be being treated like dirt by the seller!

Last Updated on November 29, 2017 by Minna Reid

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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