Most buyers have dreams of finding that perfect deal –you know, the worst house in the best neighborhood kind of deal. And many buyers find that home through the foreclosure process.

Many homes in the foreclosure process can be bought for substantially less than other comparable homes in the same neighborhood – often as much as 30 percent less.

But as with any other kind of transaction, it pays to be educated before diving into purchasing a Jacksonville property in foreclosure.

The following tips are designed to serve as a starting point when considering the purchase of a foreclosed home:

  • Find a qualified real estate agent who has extensive experience dealing with foreclosures. A qualified real estate agent will prove invaluable as you navigate your way through the paperwork and legal considerations of a foreclosure.
  • Educate yourself on your state’s foreclosure laws. Every state’s foreclosure laws differ, so it is up to you to know what these laws are and how they may affect the purchase of the foreclosed property in question.
  • If this is your first forage into buying a foreclosure, aim to purchase a bank-owned property. A bank-owned property - unlike other types of foreclosures – is a lower-risk purchase, as there are no taxes due or liens on the house.
  • If you want to get in on the action early on, look for “notices of default” on homes in your desired area.  A notice of default must be filed as a public record, thus allowing you to find homes by looking at recent, public records. You may also search for foreclosures through specialty websites or directories.
  • Understand that purchasing a home in foreclosure can have its share of problems. Because the foreclosure process can take a year or more to complete, and because a home in foreclosure means that the owners aren’t able to pay the note, it is often understood that home repairs and general home maintenance have fallen by the waist side. Expect to perform, at the very least, basic repairs and maintenance on a foreclosed home.
Posted by Carey Frankel on

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