Bank Owned Homes Can be a Good Deal

Q. What should I know about buying a foreclosed home?

A. There are advantages and disadvantages to buying a foreclosed home. Here are some general tips:

• See the house in person. Don’t rely on a low price and internet pictures.

• Conduct a title search. Find out whether it has a second mortgage or a lien on it.

• Get an up-to-date inspection. Conditions change and older inspections probably no longer apply.

• Budget for repairs and renovations. Chances are the longer the house has been vacant, the more problems there may be.

• Study the neighborhood. Is the house in a crime area or surrounded by other foreclosures?

• Get expert help. Work with a real estate agent who is experienced in foreclosures.

If you have any questions, or need capable and trustworthy representation, please call me at 206-226-0565.