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Your Newly Listed
Home's Exposure
with the
Exposure EngineTM
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Foreclosure List Request
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Fill out the form below to receive reports on Foreclosures, Short Sales and REOs directly to your inbox with no obligation! PLEASE make sure that you let us know the price range and any other specifics that are important to you in the comment section. There are many foreclosures at any given time, and the list could be substantial. Thank You, L3 Realty
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6 Questions Buyers Should Ask Before Buying A Foreclosure
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- When is it considered a good time to buy a foreclosure?
Answer: It will depends, market conditions can vary in different locations. - What do my first steps need to be?
Answer: Get Pre-approved first. When talking with your lender, let them know that you are considering a foreclosure, this could make a difference in your loan terms. - Is there such thing as a "Good" foreclosure and a "Bad" one?
Answer: The best bet is to get a home that actually went to the foreclosure sale and then the bank bought the home back. This will assure that you will get a clear title to the property. If you locate a foreclosure through an individual, you never know what you will end up with...proceed with caution. - I have been pre-approved, can I request better terms with the lender that has the foreclosure?
Answer: There is a record number of foreclosures now. More in some areas than others. If you are a strong buyer (ie. good credit, money reserves, job stability, etc) they could offer more favorable terms. - What costs should I consider when buying a foreclosure?
Answer: Normally, the best opportunities are for the buyers that have cash. Make sure that you have enough money for carrying costs, marketing costs, vacancies, taxes, insurance, and maintenance costs. It would not hurt to add about 15% to that figure to be safe. - Does the neighborhood choice affect foreclosure investments?
Answer: If you locate an area that is overrun with foreclosures, normally you would want to avoid these areas. You may get deeper discounts - they also may carry the most risk of depreciation. Look for areas that have good schools and where foreclosure are sparse.
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