Don't Buy A Foreclosure Without Doing These 3 Things First

When thinking about acquiring foreclosure property there are some important considerations

you need to take into account if you want the process to go smoothly; foreclosure law as it pertains to the particular state you are buying in; being able to inspect the property where possible and getting familiar with the foreclosure buying procedure itself are all important considerations to think about before making that foreclosure purchase.

The first thing to take into account when purchasing a foreclosure is the foreclosure law that is relevant to the state in which you are buying the property. The various states have their own individual foreclosure laws that you need to be aware of before you buy.

One of the laws you want to mindful of is whether the state gives "right of redemption" to the property owner which allows them to buy back the property even after it has been sold at a public foreclosure auction. You don't want any surprises like that to occur, so that is why it's important to study the state's foreclosure laws.

A state like Florida for example, waives any right of redemption upon the sale of the foreclosure property. However in the state of California, 'right of redemption' can be up to 12 months from the sale of the foreclosure property.

The majority of foreclosure properties sold at a foreclosure auction are sold in the present condition the home is in. If repairs are needed it is up to the buyer to pay for the cost on any repairs once the home has been purchased. This is why it's worth inspecting the property before making a bid on it. Normally you don't get the option to inspect the foreclosure property, but it may be worth your time to do your own private inspection, even if it's just from the roadside, to get an idea of the condition the property is in at the time of the auction.

Some foreclosed homes will come with a list of needed repairs on offer, but if that is not the case then the option of checking it out yourself will be worthwhile. If the property is still occupied, be respectful and just view it from the street. If the property is vacant, then you could go and have a look around it to see the type of condition it's in.

It's also worth going to a few foreclosure property auctions to become accustomed to the way a foreclosure auction works. It can be very nerve-racking bidding on a property and not being sure about the process. By visiting a few, you can become comfortable with the bidding process and observe what happens directly after the bidding process.

by: Lincoln Henderson

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