Buying A Foreclosure As Your First Home

Picking a Foreclosure as Your First Home

If you have found a foreclosed home and are a first time home buyer there are several things you want to know.

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Foreclosures are homes that has been repossessed by a lender.  In some cases the homes are not in perfect shape and others the banks may have done some work like putting flooring, paint and replacing missing appliances.

These homes are also referred to as Deed in lieu, HUD homes, distressed homes, short sales, sheriff sales, REO properties, tax sales and much more.  The important thing to know is that the bank/lender is going to have a controlling interest in the sale of the home.

Are these homes the best deal?

Today banks are more cautious of pricing a home using appraisers and realtors to price a their home at market price.  We can find these homes at the lower end of market but don’t expect them to be at 50%.    A foreclosure is still a great deal but that just doesn’t happen any more.

Things to be aware of when buying foreclosures

Some things to remember include that all inspections and most closing costs must be paid for by the buyer.  Any repairs to the home will not be made by the bank.  The banks that own these properties only care about the bottom line .  With all that being said; the right Realtor should know ways to get reimbursements for some of these costs at closing without breaking lending and government regulations.

 Don’t Be afraid of them.

With all of this being said there is no reason not to look at or buy foreclosures in Albuquerque or your area.  If you would like to get a list of homes for sale in the Albuquerque Metro area please email or call or fill out the form on the home page.

 For more information visit www.chadpetty.com

Chad Petty

Equity NM Real Estate

505.307.9393

abqhouses@yahoo.com

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5854 Osuna Rd Ne - Albuquerque NM 87111

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