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Both Sterling and Paulhamus agree that buying a foreclosed home is a great way to build "sweat equity" if you have the know-how to do your own renovations or a good relationship with a quality contractor.
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Foreclosures require more research, paperwork and legwork than any other real estate purchase. They're not the ideal playground for first-time.
4 things to know before buying a foreclosure | Life Lanes – According to Raimondo, the perfect foreclosure customer is someone who can pay the offered price in cash and can buy the house immediately without having to wait to sell another home. For our particular foreclosure purchase, the timing was perfect.
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Find a real estate agent versed in the complexities of the foreclosure market. Whether you’re looking at a pre-foreclosure, short sale or bank-owned property, you’re going to need the guidance of a professional who has a background in buying and selling these types of properties in your local market.
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