Because of the ever-growing number of foreclosed homes, more and more buyers are considering purchasing one of them, either for a principal residence or an investment. However, in spite of rumors to the contrary, finding foreclosed homes at “bargain” prices and making a killing by selling them immediately is not a common occurrence, and purchasing any foreclosed Mobile Eastern Shore home requires a great deal of research, preparation, patience, and perseverance.
RESEARCH:
1. The very first thing you need to do is to become familiar with your state’s foreclosure laws. These statutes will dictate what you can and can’t do in terms of purchasing, financing, and selling foreclosures.
2. Locate foreclosed properties. Search public records, newspapers, HUD listings, magazines/newsletters specifically dealing with this type of real estate, and the Internet. Also check with your realtor.
3. Check public records for liens and/or encumbrances.
4. Know the assessed value of the property and comparable sales prices in the neighborhood.
5. Learn the differences in buying pre-foreclosures, buying them at a public auction, and buying real estate owned (REO) foreclosures.
PREPARATION:
1. Find a realtor experienced in foreclosures.
2. Obtain pre-approval from a lender so that you can act quickly when you find the Mobile Eastern Shore home you want.
3. Tour the property and inspect it as closely as possible. Have the home inspected by a professional if the lender will allow it.
4. If you’re an investor, determine what the property will rent for.
5. Explore financing options.
6. Determine the extent and cost of needed repairs.
PATIENCE AND PERSEVERENCE:
1. Be prepared for a great deal of paperwork when you buy a foreclosed Mobile Eastern Shore home.
2. If at first you don’t succeed…try, try again. Know in advance that this type of purchase can be time-consuming, frustrating, and even risky and that it requires time, effort, and very often, multiple tries before being successful.
The Judy Niemeyer Team knows that selling or buying a Mobile Eastern Shore home is a major event in your life. It represents one of the largest single investments you may make in your lifetime. It is, therefore, our Goal to make this experience a seamless one. Whether buying Mobile Eastern Shore real estate or marketing Mobile Eastern Shore homes for sale, we will provide unparalleled professional, quality service and the most productive approach to achieving your goals.
You can contact Judy by email or by calling 251-990-0569.