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How to Buy Repo Homes
Smart home buyers and investors know that buying repo homes mean enjoying much savings since these properties are sold at a fraction of their current market values. In order to ensure your purchase is stress- and hassle-free, consider the following step-by-step guide:
Step 1: Find the Best Deals
Since the hottest deals on repo homes are grabbed as soon as they are put on the market, you will have to be on your toes and be there when it happens. To enjoy convenience, you can simply subscribe to the listings services offered by Repo-Homes.com. We have a huge database of repo properties for sale in all 50 US states and you will be guaranteed of complete, accurate and updated information.
Step 2: Get Professional Assistance
From the very start of the buying process, you need to acknowledge it would be challenging if you go about the repo home purchase alone. For this reason, you need to get help from experts:
- Real Estate Agent - a realtor will be able to provide you assistance throughout the buying process, from checking out the neighborhood to making an offer letter. An experienced agent will also provide you with good tips and sound advice every step of the way and will protect your interest by reviewing all documents related to the sale before asking you to sign them.
- Home Inspector - since repo houses for sale are sold "as is", you will need a professional inspector who will provide you with facts pertaining to the condition of the repo home you are interested in. From the inspection report, you will be able to determine how much it would cost you to have the property repaired and rehabilitated.
- Title Insurance Company - it is also important to get title insurance to protect you from secondary lien encumbrances and claims made against the property.
Step 3: Obtain Pre Approval Letter
It would work to your advantage if you get pre approved for a mortgage loan before submitting an offer. Most banks would even give you additional discount and better mortgage payment terms if you both buy a repo home and obtain financing from them. Be sure to shop and compare mortgage products to enjoy the best rates.
Step 4: Make an Offer
At last, you are ready to make an offer. You have to make sure your offer is realistic, meaning the amount is based on the property's market value and the repair costs and other incidentals you have to deal with after the purchase. It would be wise to check out how much similar properties in the neighborhood were bought to give you a ball park figure which would be considered reasonable. Most likely, there would be negotiations involved, so you need to sharpen your negotiating skills.
Step 5: Sign the Sales Contract
Once the seller accepts your offer, all you need to do is to sign the sales agreement. Of course, you have to read and understand the other sales requirements and comply with of all them as well as adhere to what is agreed upon. Read the contract carefully, and if needed, consult a real estate attorney.
Repo-Homes.com regularly offers tips on how buyers can land the best deals on repo homes. Check in from time to time to also read the latest foreclosure news and updates.
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