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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

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