Saturday, May 23, 2009

Buying a Foreclosure



Illinois is about 10th in the nation in foreclosed properties, so hey, why not buy one and get a great deal on a new home or investment property?



Just remember these points when looking at bank owned properties, also called REOs.



Sales are "As Is."

Properties will need repairs and may be missing plumbing, appliances or even a furnace. Even the nicest looking homes will have problems, because they are vacant and have been abandoned.

It's smart to pay for a home inspection.

Forget what they say on HGTV, do not expect to flip the property for a great profit.

Do not expect bargain basement prices. The banks know what these properties are worth and many receive multiple offers.

Financing may be difficult if the property is in extremely poor condition.

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