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/ Foreclosure Secrets and Tips

Foreclosure Secrets and Tips

August 1, 2010 billedge

Powerful Foreclosure

Secrets and Tips That Will Protect You, Your Family

 For the people out there who don’t know much about foreclosures – or, more importantly, who THINK they know a lot about foreclosures but might be hurt by their lack of knowledge – here are some of the problems a person might run into, when buying a foreclosure home, if they don’t work with an experienced agent, someone who has a vast wealth of knowledge about foreclosures.

First, one of the things that happens frequently with foreclosures.   Is that the inexperienced buyer looking for a foreclosure property.  Thinks that they or their brother Bob, can fix any problem the property may have.   So they have a tendency to look at properties that are run down and not in very good condition.  Even if these people COULD fix the property up, the lender will not allow them to do their own repairs.  Or if they succeed in buying the property, the repairs may cost so much that they are become bankrupt themselves.

Second, I see many inexperienced buyers pass on HUD foreclosures in good condition to buy the most run down property in Houston.  Usually about a year later I see that some of these homes are back on the market.   Many times they get 90% repaired.  The buyer doesn’t understand the TRUE cost of repairing the home.  They run out of money. The home becomes foreclosed on AGAIN, and goes back on the market, but this time, well, it still has the SIDES of the house falling down, but it has a marble counter top in it and stainless steel appliances (all brand-new). The home might have a bathroom that’s been redone, and new tile floors. I see this again and again and again and AGAIN. It’s one of the biggest single mistakes that people who buy foreclosures make.

A lot of times you’ll see quite extensive repairs that have been done, and these people end up worse off than if they’d never bought a home. They have now lost money. Big money. Because they THOUGHT they knew what they were doing, but they over extended themselves.

Third, it really makes sense to look for a foreclosure in good to excellent condition. Unless you are literally IN the construction business.  A buyer should never purchase a home needing anything more than cosmetic repairs.  By this I mean carpet, paint, and appliances.  If you go past that, then it’s beyond the scope of your normal home owner, and they should stay away from the home.

Fourth, there is a smart approach to you to take in buying a foreclosure.  There is no reason for you to purchase a run-down home, which ultimately is a lose/lose proposition.  Many times government agencies such as Fannie Mae will make repairs to their property.  Fannie Mae knows the property will bring them a lot more money if it will pass an FHA inspection and sell to an owner occupant instead of an investor.  This also means that it will sell quicker.  You can find a home where the seller has put in new carpet, paint, done some structural work, and added new appliances.  The home becomes literally ready for you to move into.

Fifth, it costs you nothing to have an expert work with you.  Again, it costs NOTHING to consult with a foreclosure expert – a Harris County Texas foreclosure expert – like me.  Broker fees are paid by the seller and not the buyer.  You deserve to have the best representation.

Sixth, when most people talk about buying a “foreclosure”, they’re really talking about getting the best deal for their money.   There are three types of homes for sale in the market, foreclosures, re-sale homes, and new homes.   An informed buyer is a smart buyer.  My pledge to you is that I will help you find a home which satisfies your specific needs at the best price with the fewest repairs.

You can either call me at (713)240-2949, or  email me now at bill@billedge.com.   And request a free home buyer’s consultation.  I  answer my phone personally because you are important and I love to help people in their journey to home ownership.

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Filed Under: Foreclosure and Short Sale

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