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Should You Buy a House in Foreclosure? There has been a whopping increase in the number of foreclosures in the current housing market. ARE there great real estate deals to be had because of this? Sure. Times like this mean bargains galore!!! But if you want to buy a home for yourself or an an investment property, you need to be careful NOW more than ever. So, here are a few very important (and overlooked) "rules" to keep in mind when buying a foreclosed home..... RULE #1 Get Real Before you have huge $$$$ signs dancing in your head, let's put this into perspective.......As the real estate market & Banks should of realized this the last few years which put the market in a state of turmoil. The big, CONSISTENT money is never easy. So whatever you do, stay away from the so called experts and their "get rich quick off foreclosures" schemes. RULE #2 Get Educated Don't get caught in the trap of "flipping houses" is a piece of cake! That can cost you a fortune! Arm yourself w/knowledge of buying foreclosure properties by education yourself. Here is an excellent read - Buying Real Estate Foreclosures by Melissa Kollen-Rice. And then make sure you line yourself up with a Realtor's expertise. RULE #3 Partner Up Work w/a buyer's agent who has plenty of experience... Whatever you do, you need the role of a qualified, experienced agent to help you find and purchase foreclosures at the best possible prices. RULE #4 Get Experience Visit a live foreclosure auction. You'll experience the process of buying a foreclosed property everything from all the paper work & the commitment of the purchase. These auctions are typically held monthly-you can find the locations in the classified section of your local paper. RULE #5 Mean Business When you've finally found that right house-hit them with your BEST offer because you have a LOT of competition out there right now. This means: PAY CASH, CLOSE QUICKLY. Agree to NO inspections. Play your cards right and investing in foreclosures can pay off big!
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