What you need to know about buying a foreclosure

What do you need to know about buying a foreclosure? 

The most important thing to know about buying a foreclosure is that these properties are sold as is.  If it needs repairs or serious work, that's on you.  You won't get to negotiate the price because it needs a wall patched.  Sometimes these houses are in rough condition.  

You need to make sure you're finances are in order and working with someone who is knowledgeable about the process.  Another super important thing to do is make sure you're professionals come in for important tests, inspections, and repairs.  You will want to test the house for things like pests, mold, leaks, wiring, the furnace, AC etc.  The banks don't make repairs and make sure the house is in great sellable condition, they are focused on getting the most financial return they can, not spending money to make repairs.  

The great thing about buying a foreclosure it that the bank will want to sell fast and you can get a great price in most cases

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