Tuesday, March 13, 2012

5 Steps To Buying A Foreclosure - 4 & 5

Hire a good buyers agent
No. 4: Hire a good buyers agent
An experienced buyers agent — particularly one who's familiar with foreclosures — can really help you navigate the process.

The National Association of Realtors offers a Short Sales & Foreclosure Resource certification to agents who take a special class on the subject. Similarly, the private Charfen Institute provides class work leading to a Certified Distressed Property Expert designation.

The Charfen Institute and RealtyTrac also maintain online databases of buyers agents who specialize in distressed deals.

No. 5: Research your market
Study your local foreclosure scene carefully and understand how much properties are selling for, how quickly they're moving and how much a distressed home's value will likely rise.

It's important to not make the mistake of counting on any major price appreciation in the near term. We're still in a depressed market, and we're probably not going to see home prices appreciate much for quite some time.

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