subject: Fort Lauderdale Foreclosures Risks And How To Avoid Them [print this page] Wrong agent Wrong agent
The foremost important part of buying Fort Lauderdale foreclosures is the real estate agent. Without one, youd end up buying a regrettable property or even nothing at all. Its crucial to choose an agent that is fairly knowledgeable in the citys real estate market. Furthermore, you have to make sure that the agent will be truly dedicated in helping you find the property you want and have your best interests at heart.
Foreclosure property
The most common mistake buyers make when buying Fort Lauderdale foreclosures is not inspecting the property. Once you receive notification of the list of available properties to be featured on the auction block and chose the one you think is right for you, its your duty to visit the property in person. These properties are oftentimes abandoned by their owners and even stripped of vital fixtures. The bank that owns the property doesnt normally maintain the home and leave it as is since its quite costly to maintain and repair abandoned homes.
Make sure that you see the property in person and look at possible red flags. There is a lot of work to be done with foreclosures and successfully buying one is just the half of it. Clearly assess your current financial health and see whether it can withstand the responsibility of repairing and restoring the home for use.
Financing
When you opt to buy the property at an auction, you should know the terms beforehand. There are two scenarios to expect when it comes to buying auctioned homes. First, you are only required to bring a personal or cashiers check that will indicate your planned bidding amount. Second, the auction or tax entity/bank will require you and other buyers to come up with a percentage of the total value of the property as deposit. If you a preset deposit amount is needed, you must be able to come up with at least 10%; otherwise youll not be able to bid.
Pre-approval
Lastly, the importance of getting pre-approved when buying Fort Lauderdale foreclosures cannot be stressed enough. In order to complete the purchase, winning bidders are typically given four to six weeks as grace period. If you already have a pre-approved mortgage, completing the purchase will be easier; if not, you must ensure to respect the grace period and come up with the money otherwise risk forfeiting your deposit.
