Tue, 22 April 2008
April 22, 2008
Roberts advises buying a property near your workplace or current home. After looking at several, go with the best deal. “Don’t negotiate with the bank-make an offer and then go dark,? he says. If you buy at auction, the full price is often required at the event, or soon after, so be prepared with the payment.
Buying foreclosures is not without risk. “Just because it’s in foreclosure doesn’t mean it’s a bargain,? Roberts says. Things to look out for: Don’t buy in a market with too many foreclosed homes-no more than a few in any area. Also, regular maintenance likely wasn’t done, so there may be substantial costs beyond the purchase price.
And don’t trust late night TV gurus-there are scams aplenty. “Many are simply very good sales people who know how to push your buttons to extract a tremendous amount of money out of you,? says Alexis McGee of Foreclosures.com. She lists several well-known schemes on her Web site.
“Get a good agent, a good lawyer, good inspector and do your homework,? Roberts says. Then start checking the foreclosure listings.