Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Is buying a foreclosure a good option?

If you want to buy a home, one option open to you is purchasing a foreclosure. Foreclosures are not always a good buy, but if you find a home that is in good condition at the right price, you can find a good deal.

For those new to the market, start by getting a broker who is on your side. This person might know people at the banks or work with lenders who can give them information about new or upcoming foreclosures. Working closely with an agent can help you get first-pick when it comes to foreclosure properties in some cases. After you meet with the agent, you need to talk to the lender immediately, since this shows you're serious about making a purchase.

When you're looking at pricing, remember that there is no guaranteed price on a foreclosure. Look at competitive houses in the market to get an idea of what the home should sell for before you make an offer or attend an auction. Sometimes, houses are priced too high, and you need to know when you can make a lower bid or when you should walk away.

Finally, remember that you're not going to get a discount for repairs. Foreclosures are sold as-is, and that means that there are likely to be costs associated with the necessary repairs. Keep them in mind when you bid, and don't overextend your budget.

These are some foreclosure tips that can help you get a foreclosure that benefits you as a home or investment property. The right purchase makes a difference.

Source: Bankrate, "5 tips for buying foreclosed homes," Holden Lewis, accessed Sep. 28, 2017

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions