How to Buy a Foreclosure in Cabot & Get a Good Deal Part 1
With all of the news media on Foreclosures I have several people looking for them, as they should. The majority of people that come to us know that they can get a good deal on foreclosures, but they do not know what is involved with the process. That is what this post is intended to do, give you a step by step guide on how find and buy foreclosures.
1. Financing- This should be by far the first step in the process. You need to be pre-qualified for the loan, not pre-approved. Pre-approved is when you tell a mortgage lender your information and they tell you what you can afford. Pre-qualified means that you have given your paper work to the lender and they have ran your numbers and locked you into a rate. You have to be ready to jump on a good deal when it comes around.
2. Finding a Home- There are several ways to do this. There are many websites that offer a free list of foreclosed homes. From what I have seen those websites are not up to date and by the time you look at the home it is sold or under contract. We have something that we offer on our website that has been found to be very useful for buyers. It is a notifier for Cabot foreclosed homes. Click on the link to visit the page. This notifier will let you know immediately when a foreclosed home you are looking for comes on the market. This makes it easy for you and it ensures that you can beat others to good deals.
3. Knowing the Home is a Good Deal- This part needs a real estate professional. Many individual buyers try to find the market value by looking at the price of other homes listed in the area. That is not a good idea. The price of a home actively for sell is just an opinion. You need to know the price of the homes that have sold and how they compare to the subject property. This is where a real estate professional can help you.