How Do You Buy Foreclosed Real Estate?
Many people look to foreclosed property as a means for investing profitably in real estate. Others want to get into their first home at a price they can afford. If you want to buy foreclosed real estate in a down market, it’s not hard to find properties. When the market is slow, there are usually more foreclosures and prices are low. However, experienced real estate investors know there are bargain opportunities in foreclosed real estate even in the best housing markets. The key is to know how to find properties, select the good ones, and how to negotiate the best terms. Step 1 Prepare before you start searching for foreclosed real estate. Obtain a copy of your credit report and make sure there are no errors that could lower your credit standing. Assess your resources to make sure you have the cash to make a 10 percent down payment. Step 2 Go to your bank or credit union and apply for pre-qualification for a mortgage. Provide a comprehensive account of your income, debts, and assets. O
