Buying A Foreclosure Home

by Kathy
(USA)

Hi Kate, I am buying a foreclosure home. Is this a good idea? What should I be watching for? Will the bank guarantee the house since the property is bank owned? How do I know I am getting a good deal?

Buying A Foreclosure Home Not A Money Pit

Dear Kathy, Buying a bank owned home can be a great deal. But you need to apply caution. Sadly, these once loved houses are not always in the best shape today.

So my advice is to order an inspection from a licensed home inspector. Without a home inspection, how else can you know if the property will be a dependable long term investment?

Learn here how home inspection can save your future! Otherwise, what appears to be today's good deal might end up as your money pit later down the road.

A Guide To Oversee Your Home Buying Process

It is also crucial for anyone buying a foreclosure home to have a guide. Someone who will oversee the process. That person is a real estate agent.

Look for a Realtor experienced in handling the bumps found during foreclosure transactions. Doesn't it make sense to have a trained professional as your guide when buying a foreclosure home?

After all, buying a foreclosed home might be a once in a lifetime experience for you. So use an agent who works with foreclosures on a daily basis.

You Deserve A Dream Team

For a successful and satisfying experience, whether or not you are buying a bank owned property, every home buyer deserves to be surrounded by professionals. Discover the players to include in your dream team by following the links below to more pages on my website.

Best Wishes,

PS If you still have questions about buying a foreclosure home, write me at Ask Kate where every question is a good question.

Learn MORE About Your Dream Team

How To Buy A House Part 1 Meet your real estate agent and save yourself heartache and headache.

Discover local real estate agents by visiting Real Estate Directory USA at my website Prime Real Estate Articles. Appraisers, inspectors, home stagers too!

How To Buy A House Part 2 Meet your mortgage lender - Discover why closing loans requires more than quoting the lowest rate or taking an application.

Looking for a lender near your home? Check out List Of Mortgage Companies, my lender directory right here on Get Your Best Mortgage Rate.

How To Get A Mortgage Part 3 Meet your home inspector and avoid buying a money pit. It's THAT simple!

How To Get A Mortgage Part 4 Meet your real estate appraiser - Don't fall into the trap of thinking the appraisal assures you of a good deal.

How To Get A Mortgage Part 5 Meet your title insurance companies for little known coverage resulting in peace of mind.

How To Get A Mortgage Part 6 Meet your homeowners insurance agent because there is more to getting insurance than the cheapest quote.

How To Get A Mortgage Part 7 Meet your escrow and HUD 1 statement - Find out why escrow is the guardian of your real estate transactions.

The service provider directory is found at Title, Abstract Services and Escrow Agents - Please visit!

Stories From Home Buyers - Meet Kate's home buying visitors who tell their stories and give advice for buying a house.

Ask Kate About Home Buying - Ask a question to get an answer from Kate.

How To Buy A House Q and A - A complete collection of questions about home buying, each with a individual answer from Kate

Home to Get Your Best Mortgage Rate from Buying A Foreclosure Home

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The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com