4 Golden Rules For Buying A Foreclosure
If you will learn and internalize the 4 Golden Rules For Buying A Foreclosure, you will end up being a very happy homeowner.
Too many people believe that buying a property at somebody else’s loss guarantees a good buy for the buyer. This just simply is not true!
Do not be fooled into thinking that any old foreclosure, REO, or short sale is a great deal in the Tallahassee real estate market. Follow the 4 Golden Rules For Buying A Foreclosure and you will be well on your way to home ownership with a great price against the market!
Why Have 4 Golden Rules For Buying A Foreclosure?
If you think that attending foreclosure auctions is they “fast way to riches,” then you will also be disappointed. Sure, in the old days you could find a decent deal at auctions from time to time, but with the high volume of distressed homes in Tallahassee, the best deals are found long before they reach a foreclosure auction.
So many homes are going through the foreclosure process that most lenders are not making wise decisions at the foreclosure sale. In reality, the best buys come before that sale or after it, but the purpose of this article is to explore the 4 Golden Rules For Buying A Foreclosure.
What Are Distressed Properties?
The 4 Golden Rules For Buying A Foreclosure
- Know Why You Are Buying – One of the worst things about human nature is that we tend to over-do-it at times. If you find yourself looking to get a great deal on a foreclosure for your family, don’t be surprised if the next thing you discover is that you want to make bids on “great deals” as investments. This is a huge mistake! The mistake is not in making bids on investments, rather the mistake lies in straying from one’s purpose. Know why you are buying a foreclosure and then stick within your plan and budget.
- Know What You Want – Similar to the first point, this is all about prior planning. The lure of the deal is sometimes spell binding and before you know it you are hard and heavy into fighting to win the deal on a home that would not do well for you or your family. It is not uncommon to see a very disappointed “winner” after buying a home that has to few bedrooms for the family, all because the bidding seemed attractive.
- Know What Is Needed – When you win at a foreclosure auction, you will most likely need to provide a certified deposit on the spot. The amount of the deposit will be published in the auction instructions, so just make sure that you plan ahead and know what is needed. Check the auction companies requirements on their web site and you will be fine.
- Know That You Are Needed – Believe it or not, guilt is often a part of the foreclosure buying process. You will eventually purchase a home that once belonged to another family, and you will know that things did not work out for that family. Just know this …. it’s OK. The fastest way to cure our current housing market is to clear all the foreclosures through the process. When the housing market recovers, the economy will recover too, thus making things better for everybody.
As you can see, information and understanding are very important when buying a home. Keep monitoring the Tallahassee Florida Distress Property List on a daily basis and you will soon have the same eye for a value as does a full-time real estate professional who also understands the in the 4 Golden Rules For Buying A Foreclosure.
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