10 Tips for Purchasing a Foreclosed Home

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  1. Budget Carefully. Beware of letting a small price tag lure you into making a quick deal. Just because a foreclosed home is going for so cheap, doesn’t mean that its purchase won’t come with a lot of additional (sometimes hidden) expenses, such as the cost of necessary repairs or upgrades to the home. So, be sure when you’re looking at the cost, you’re looking at the big picture.
  2. Don’t Buy Sight Unseen. This should be an obvious one, but there have been occasions where buyers have placed bids or even purchased homes based on photos because of pressure from real estate agents or elsewhere. Be insistent on visiting the home before making any kind of commitments to purchasing the home, particularly given that there are scam artists out there just waiting for the naive buyers that might be willing to buy something sight unseen and then become victimized by such naivety. While it’s a…

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