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Buying a Foreclosed Home

Posted on May 13, 2014

iStock Sold-webThe Emerald Coast real estate market is slowly starting to creep back to a “normal” state. Typically, this means higher home prices, less stringent lenders and fewer foreclosures. While the latter may be good for the overall state of the economy, it is not necessarily for investors in pursuit of a good bargain. While not as prevalent as a few years ago, foreclosures still exist and you may just have to hunt a little harder to find the one.

Buying a foreclosed home may not be for everyone, but for those interested it is important to know what you are getting into.

First, you will need to know how to separate the wheat from the chaff. Often these foreclosed homes are sold “as is” so a careful inspection of the property is absolutely necessary. Inexperienced buyers should steer clear of foreclosure auctions because you cannot always inspect the property. REO deals on the other hand are similar to traditional home sales and allow the use of real estate agents, home inspections and mortgages to finance purchases.

Speaking of finances, remember to organize these in advance. REO’s attract multiple offers so it would be best to have everything in order from loan preapproval to credit scores.

Perhaps the best thing you can do if you are buying a foreclosed home is to hire a good buyer’s agent. Consider calling our Destin real estate agents. Our agents offer a variety of area and market knowledge and will be happy to help you navigate the foreclosure process.

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