Here are some questions that the "virgin" foreclosure buyer should ask:

Can I afford all the repairs for this foreclosure?

Most of these foreclosures are AS-IS.  The seller has no obligation, liability, or responsibility to warranty the property.  It may be a great deal but do you have the resources and professionals to get this property back into selling/renting shape for a return on your investment? 

Have you read the FINE PRINT?

Hooray the seller accepted your offer!  The FUN stuff now begins, all the addenda you will receive from the seller.  The addenda mostly favors the seller so don't be depressed after reading it.  Remember, it's not personal the seller sends the same offensive stuff to all the buyers they work with. The reading is dry as toast but scary enough that YOU NEED TO READ IT or it will cost you money!  If you don't close on time an example would be, at no fault of the seller, the seller may fine you $100 per Diem until the property closes, surrender your earnest money, and put an additional deposit. 

Do you have the PATIENCE to buy a foreclosure?

Everything looks like it's going smoothly then BAM! Something is wrong with the deed or financing!  Even with the best plans, there will be something out of your control that may slow down this closing so be forewarned.  Getting a great deal does come at a price, your patience.  Be flexible with your time line.  You can huff and puff but doing so will not get things done sooner just irritate the people you are working with.  Cooperate with all parties involved and consistently follow up.


HOMES for Sale Lexington SC Real Estate – Nelson Bermas, REALTOR®
Your Neighborhood Specialist in Lexington South Carolina for all your Real Estate Needs.  Search all MLS Properties in the area or call me direct at (803) 414-5677. Search Foreclosures Irmo, West Columbia, and Lexington SC.  EXIT Real Estate Consultants