Foreclosure Tips

[Antwaun Sumpter]

Foreclosure Deals

A foreclosure occurs after a homeowner fails to make payments on their property. When a foreclosure property hits the market, it doesn’t take long before the sharks start to circle. As a first-time homebuyer or as a real estate investor, these are deals you will want to jump on. The reason is, that little tag hanging from the For Sale sign that reads “foreclosure” is essentially a clearance sticker. But before you jump right in, you have to take the time to learn the process.

When a homeowner falls behind on their mortgage payments, this typically means they have been struggling for quite some time. This could also mean that, in some cases, the home may be in general need of repair and maintenance. Be prepared to deal with leaky roofs, missing light bulbs, poor landscaping, cracked windows, broken appliances, etc. So while you may be getting a steep discount when buying foreclosures, it is important to understand your total cost of repair before making any moves.