Buying Foreclosures For Sale – Making an Informed Decision

Buying Foreclosures For Sale – Making an Informed Decision

By Joseph B. Smith

Buying foreclosures for sale is not something that you should do right away, especially if you do not have any knowledge of the real estate foreclosure investing market. This type of investment needs research and planning to make sure that you are buying the right foreclosure property that can give you profit in the future.

A little research on the types of foreclosure properties that are available in the market would come a long way in helping you make an informed buying decision. So take down some notes for a profitable investment and a secure financial future.

Pre-foreclosure Homes for Sale:

Pre-foreclosure homes are distressed properties sold by homeowners who want to avoid the trouble of foreclosures. You get to negotiate directly with the homeowners to allow you to negotiate for a better price. Before you meet with the homeowner, make sure that you have arranged your finances to give you a leverage during bargaining. Distressed homeowners are desperate to dispose of their homes, thus giving you an edge over other offers to buy.

However, when buying foreclosures for sale during pre-foreclosure, make sure that you have done some research on the financial record of the property that you want to buy. Know if there are some unpaid taxes or any other liens. Also, hire a home inspector to give you a professional opinion on the condition of the house. Some major structural problems are discernible only to the expert eyes of home inspector.

Auction Homes for Sale:

Auction laws vary by state so it is important that you do some research on foreclosure auction laws in the state where you plan to buy a property. In some states, winning bidders are required to pay in cash while in others, you only have to pay 10 percent of the amount plus a letter from the bank.

Also, some states allow you to transfer to the house immediately after the auction while others still give a certain time for owners to pay for the foreclosure cost before they will allow you to take over the property. Buying foreclosures for sale is a risk-free task if you do your homework first.

Joseph B. Smith has been educating buyers on the finer points of Buying Foreclosures for Sale at for over ten years. Contact Joseph B. Smith through if you need help finding information about Buying Foreclosures for Sale.

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Northern Virginia Real Estate

Transit Patterns in Art

How are people getting to work?  The display above is an artistic way to show how people commute to their jobs.  It is the the product of artist Martha Kang McGill and is based on the 2008 U.S. Census Bureau American Community Survey.

Of the eight metropolitan areas in the United States that are included, Washington D.C. has the most proportion outcome among those who drive or use public transportation.  Houston has the largest ratio of drivers while New York City has the most public commuters.

The other metro areas shown are Chicago, Los Angeles, Atlanta, San Francisco, and Seattle.  Orange represents drivers, red stands for those who carpool, purple are those who use public transportation, blue indicates those who walk, and all others (those who bike, work at home, etc.) are shown in salmon.

Claudia webb RE/MAX Allegiance
Northern Virginia Real Estate