April 23, 2010
Tips for buying foreclosures
- What is your budget? Will this be an investment or primary home?
- Ask yourself are you a good candidate for a foreclosed property? There are deals out there, but they do come at a price. Foreclosed homes are sold “as is.” From time to time kitchen cabinetry & doors disappear before closing and it’s being sold “as is” those items will not be replaced and the holes in the drywall will not be repaired. Are you ok with that?
- How is your investment being funded? All offers to purchase (WB11) must be accompanied with a lender pre-approval letter to even be submitted. If you are paying cash you will need to submit a “proof of funds letter” from your lender.
- Do you have the funds available to bring the foreclosed home into livable conditions?
- Are you flexible on your time frame because there may be delays with the closing? Are you ok with that?
Posted by: 
Mary Petersen
Tagged With:
as-is homes,
foreclosure buying tips,
foreclosures
and proof of funds letter
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