How to Make the Most From Foreclosure Deals | Oklahoma Real ...

A foreclosure is a great investment ? no doubt about it ? but there are things you can do to make sure that foreclosures are worth every penny you spend for them. Here are some of the more practical tips to keep in mind:

Set a budget

One of the best selling points of foreclosed homes and foreclosed properties is the discount you get. The competition in auctions, however, can easily shoot the price of a foreclosed property way past the amount you thought you could get it for. This is why you have to set a maximum amount of money that you will spend on foreclosure property.

Pick an agent

This is especially important if you are new to foreclosures and have not established a reputation in the local foreclosure market. Agents that specialize in foreclosures will not only introduce you to the ins and outs of the foreclosure process, but they can also show you other forms of discounted properties (i.e. short sales, preforeclosures, tax sale properties, HUD homes, government foreclosures etc.)

Compare prices

Foreclosure listings will show you the price of a piece of property, but it will not show you the price of other homes in the neighbourhood. This is why it is important that you either go to the neighbourhood and compare prices with other properties for sale or ask you agent to do this for you.

Gauge repair costs

Another essential partner you will want by your side is a qualified home inspector. Licensed professionals can inspect foreclosure homes and spot issues that most people will not be able to quickly identify. A home inspector will also be able to estimate the amount of money you will need to fix any potential problems, which will be useful when you sum up the total expenses involved in buying up home foreclosures.

Check for tax liens

Most properties are foreclosed because the former owners can?t handle the payments. You have to make sure you know what financial liabilities like expenses for tax sale homes and property taxes you will be held accountable for. If you are in a position to negotiate with the seller like in preforeclosure or short sale properties, you can use these financial obligations to knock down the total buying price.

Brace for the paperwork

Foreclosures are a great deal, but you do have to prepare yourself for the inevitable amount of paperwork heading your way. This is where your agent will once again come in, as he or she will be able to list down the papers you will need to secure. This is especially important if you plan to use the property to make some money, like setting up traditional rental properties or rent to own homes.

Oh, and one last thing: make sure you know what you want before checking the foreclosure listings. You can choose, fix and redecorate a home to your own tastes if you plan to live in it. You will have to be more reserved and ?commercial? when it comes to investment properties.

Keep all that in mind and you?ll be able to make the most from foreclosure deals!

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Source: http://oklahomacityrealestatemarket.net/2011/10/06/how-to-make-the-most-from-foreclosure-deals/

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