There are thousands of foreclosed homes and short sales, there has never been a better time to get a great deal.
But before you do here are a few tips because there can be expensive problems.
Know what getting into before you buy a foreclosed property or short sale.
Owners of foreclosed properties do not want to leave there homes.
They can and do take there frustration out on the property.
One property that was taken over by the bank found that 1200 gallons of cooking oil was dumped into the septic.
The previous owner is currently under investigation for the incident but has not been charged.
The previous owner had a bio-diesel company.
Owners have removed toilets, sinks, damaged flooring and actually taken out widows.
Properties that are empty can run into serious problems also, water damage, pipes freezing, mold, thieves, and rodents.
Banks in some states are exempt from disclosure statements usually required by the seller.
Banks will not reveal problems with the homes construction.
Banks often sell properties as is, you need to do a little extra investigation on the status of the property.
Know what your getting into before hand.
If possible do a inspection or have a qualified inspector look at the property.
Do an inspection before you make an offer, again know what your getting into.
Try to step aside and look at the property as an investor and consider these points.
If you bought the home could you rent it out and be able to pay the mortgage? If the property dropped 15 or 20% would you still consider it a good buy? What is it going to cost to make the property ready for occupancy? Remember you do not have to buy.
Wait for the right property.