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Buying a Home

Should You Buy a Foreclosure?

Foreclosure sales have increased dramatically. Some months last year 30 to 40% of all homes sold were foreclosure properties, and the trend is likely to continue. If you are considering purchasing a foreclosure, keep the following basics in mind:

• There’s no need to speculate. Plenty of foreclosure properties are on the market. Don’t take a gamble on major price appreciation in the near term. Buy the house you want at the price you want.
• Buy bank properties. When a house doesn’t sell at the foreclosure auction, the bank takes it over. Bank properties can be inspected – foreclosure properties cannot. Why not see what you will get?
• Be prepared for the auction or down payment. Rules vary, but you will need some amount of cash.