So You Want A Great Deal . . .Tips For Buying A Forclosure

I love a deal. Don’t you? According to Realty Trac, that released a report that shows foreclosure filings are down this year. Realty Trac touts foreclosure filings are down nationally by over 23 percent when compared to the same time last year. And as home prices continue to increase, many real estate experts say that the number of foreclosures will drop even more. However there are still opportunities out there.

As a home owner that has previously purchased a foreclosure in South Palm Beach County I want to take some time and talk about a few tips that helped me get the deal and hopefully will help you.

Do your RESEARCH on the market and the area you want to live in! Find out the dish — in troubled times, no more than the past three months — selling prices on neighboring homes. Comps or Comparables which show what the comparable homes in the neighborhood are selling for are imperative to help you gain perspective. To be realistic, the comp prices should factor in all auction-purchases and short-sale homes in addition to standard multiple listing service sales.

Open Houses . . . Don't miss those open houses; they typically run from one to three days. Try to come to auction in love with 5 properties instead of just one. Bring detailed information and photos of each house you're interested in to avoid confusing homes and or properties and to help you get the house you want.

Timing is Key . . . When several bidders are jockeying for a property, wait until the bids start to die down before making yours.

Think about what you are wearing . . . I know it sounds silly but, often some buyers will dress like bankers and arrive early to position themselves near the auctioneer. That's so other bidders will assume they're representing the lender and possibly shrink back from a bidding war. It’s not a bad strategy.

Big in your Contractor in toe, they know costs. And this will keep you from overlooking hard-to-spot damage and flaws like mold often a four letter word in Real Estate. Contractors are able to give you a more accurate picture of what you're buying. Pay special attention to plumbing and mechanical systems as they can be expensive and challenging to repair.

I bought a foreclosure because, I walked in and just fell in love with it . . .But I am the first to warn that it’s not for everyone. My purchase accompanied a lot of hard work, sweat, additional monies and professional help in order to get my purchase to feel like my home.