Friday, February 5, 2016

Buying Foreclosed Homes: Factors to Keep in Mind as You Plan

Foreclosed homes are residential properties that have been seized by banks and then offered to buyers so as to recoup the initial investment made on the home. In most cases, such properties are priced lower to compensate for any renovations you may have to bear.

Plan for Some Repairs

Always anticipate some amount of necessary repair. Familiarize yourself with the general costs repair works like painting and replacing windows. Once you get an estimate of repair cost, add that to the asking price for the home, and see whether it still falls within your budget.


Base Costs Estimates on Professionals’ Figures

Never base your repairs budget on DIY estimates. Use figures prepared by professionals instead. With this approach, when the repair time comes and you feel like doing the work on your own, you will end up having some money to spare.

Always Get Legal Representation

It could cost you dearly to sign a purchase contract without understanding fully what it could mean in the long term for you. Getting a reputable real estate lawyer can help you in terms of understanding better the terms of property sale.


For home buyers and realtors alike, Vahe Hayrapetian can help you. For more information on what we do, please visit our website at VaheHayrapetian.com or call us at 818-964-1788.

Sources:

http://www.streetarticles.com/green-real-estate/vahe-hayrapetians-tips-for-first-time-buyers-on-purchasing-foreclosed-homes https://storify.com/mom75supply/tips-of-the-commerce-for-anyone-wanting-to-buy-a-h


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