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What you should know before buying a foreclosed home

You have discovered a property in a promising neighborhood that has several desirable amenities. The location allows a future buyer to have easy access to several local hotspots and the overall condition appears to be alright. However, the only problem is that the home is a foreclosure. At Kennel Zeigler LLC, we understand the risks that buyers face when looking to purchase foreclosed properties in Ohio.

A home that has been foreclosed may potentially provide you with several rewarding benefits including the fact that it may be priced-to-sell instead of what you would normally pay elsewhere. Depending on the home's condition, you may be able to get away without doing a whole lot of work which means saved resources and saved money. According to bankrate.com, foreclosures are different from your typical home purchase for any of the following reasons: 

  • You rarely will be able to negotiate below asking price. 
  • You will most likely need to sign a preapproval letter before the lender will accept your offer.
  • You will be responsible for all necessary repairs.

Guaranteeing that you have a positive outcome when purchasing a foreclosure is heavily reliant on your efforts to plan ahead. For example, research to find comparable homes in the area and look at their listing price. Follow the process of getting preapproved and work with a real estate agent that understands foreclosures. 

When you plan ahead and are prepared to deal with the unique circumstances that are a part of buying a foreclosed home, you can be confident in your decision to turn the property around and make it desirable again. For more information about buying real estate, visit our web page.  

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