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With home prices high, many buyers are looking for ways to score deals on real estate. And one potential way to buy a house at a competitive price is to buy a foreclosed home.
While foreclosure isn’t nearly as common as it was during the 2008 housing crisis, it still happens, and if you can find a foreclosed home, it could present an opportunity to get your home at a discount.
But finding and buying a foreclosed home is a different process from more traditional real estate, and if you want to be successful, you need to know how to navigate that process.
So how, exactly, do you do that?
A <a href="https://www.realtor.com/advice/buy/what-does-buying-a-foreclosed-home-entail/" rel="noopener noreferrer" target="_blank">recent article from realtor.com</a> outlined tips for finding and buying foreclosed homes, including:
<ul>
<li>Do your research. Before you buy a foreclosed home, you’ll want to do research to understand when it was foreclosed on, and how long it’s been vacant. If no one has been in the home for some time, there’s a higher risk for damage—for example, a burst pipe causing structural damage—and if that damage is too extreme, you won’t be able to secure a conventional mortgage.</li>
<li>Get an inspection. Even if there’s no visible damage to the home, it’s important to hire a home inspector to get a more in-depth look at the state of the property. Buying a foreclosed home at a discount isn’t really a bargain if you have to spend tens of thousands (or more!) on unexpected repairs.</li>
<li>Conduct a title search. If you’re considering buying a foreclosed home, you definitely should consider hiring a professional to do a title search. If there are liens on the home you’re unaware of before you purchase the home, you could be on the hook to cover those costs.</li>
</ul>

By Richard Stewart

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