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-- -- been thinking about buying a home buying a foreclosed.
Property may be the way to go.
According to realty track 26% of all residential home sales in this year's first quarter were foreclosed homes so how can you in on the deal.
Joining us now with five tips is personal finance expert.
Here again and -- -- and joining us to really find -- homes for starters well.
-- that's the first place right they don't have to go to -- -- on -- look through legal filings is actually -- -- -- -- -- innocently -- anti -- where -- -- database of foreclosed properties you can go and see what's out -- how -- is what bank hasn't been -- all right die and then once you get that you want to work with an agent who specializes in this type of huge.
-- gas and definitely wanna do that because -- -- -- specializes -- apartment properties in the -- a lot of time a lot of -- they're -- walking through the process can be a little complicated.
They're gonna guide you to the best homes the best prices even happy with the inspections of the contractors a whole -- so yes you're.
Going this route you wanna work with -- and -- who specializes specifically in foreclosures because there's more than one option there are various stages of foreclosure.
Right there's the -- for foreclosure stage read where you can buy directly from the owner in a short sale right that savings there is even more significant -- you'd get if you do -- bank -- property.
You could also try -- -- -- -- season and investors.
The options that's not the recommended way to go because even they come across which is it's a pretty -- -- create competitive environment.
Or you could buy a bank on property which is the safest easiest way to -- -- you can inspect the property.
You can finance it with a traditional mortgage -- credit without any outstanding -- so I think if you're new to this a lot of first time buyers are standing in the game.
You wanna go -- the bank on property -- real estate -- transaction.
So I -- -- things can be the average is 27%.
Less then and not on north -- -- but you have to factor in renovations about the huge thing to consider paddy and because.
A lot of these homes have been abandoned some of them haven't -- -- -- been sitting vacant for some time.
They may need a lot of repairs a lot of restoration get them back into livable condition.
And the bank -- -- cover that you're going to have to budget for that so you've got to factor that into your budget and and and and inconsiderate that young could get you right back to even pretty much got done and a lot of work involved right and bidding how do you know what's appropriate for the banks specifically aren't selling these homes -- -- kind of -- as as I mentioned that you get at an option necessarily not the fire sell price is that you do wanna.
Take into consideration.
How many properties the bank has the area the location if they have a lot of these in the pipeline.
That's something you want to take into consideration the condition of -- home.
And you wanna get preapproved for your financing too because it can be pretty competitive -- wanna take care of that before you jump in the games you don't lose out of competition of -- -- a lot of first time buyers -- and it's not just investors.
And there's there's people who -- properties -- -- this and it's significant savings you can go to the person who has their paperwork in order that's right you're given thank you so much as a man.
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