One of the best “deals” that many homebuyers see are foreclosures. At first glance we see potential – and a really great price tag. But before you put an offer in on that foreclosure, consider a couple of points.
First, consider the bank that you will be working with. Do they have a reputation for being easy to work with, or are they known for being difficult? This will determine a lot during negotiations and even the final sale.
Also, consider the state of the home. Is there a lot of damage that maybe can’t be seen? Has someone stolen the copper piping and wiring? What about the utilities? Are they on and can they be tested?
Also, be sure to get a home inspection. Even though a property is in foreclosure and may be sold “as-is”, you still should find out what you are getting into.