ResortQuest Real Estate

Sometimes impulsive and uneducated foreclosure buyers find themselves holding the deed to a money pit. Here are the Do’s and Don’ts in buying a Foreclosure to help make sure you come out a winner with your real estate purchase.

THE DOs

• Do your homework.
• Search reputable databases for Foreclosures. Search Foreclosures.
• Research neighborhoods, schools and comparable market prices.
• Drive a hard bargain. Generally a foreclosed property will be at least 20% lower than other comparable properties.
• Work with a licensed real estate professional.
• Arrange financing before you start.

THE DON’Ts

• Don’t buy a property at a foreclosure auction unless you have done your homework first and are comfortable with the risks. Properties bought at auction may be in poor condition and are usually sold in their “as is” condition without financing or inspection contingencies. You should perform a visual inspection of the property prior to the auction. The usual inspection, repairs, and walk-thru provisions of the contract are deleted.

The more you know about buying a foreclosure beforehand the better. Make sure you know and understand your real estate purchase and the process that goes with it. It is important to work with a knowledgeable Real Estate Professional throughout the process!

Article written by ResortQuest Realtors Sissy Carroum, Jim Hibbard and Walter Michalke.

What Can the Distressed Properties Division Do For You?

For Buyers: Information and explanations of the current market climate.

For Sellers: Find possible solutions to avoid foreclosure.

Commercial Investors: Vital Information for informed decisions.

Asset Managers: Services and resources of ResortQuest.