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Buying A Foreclosure
Are you interested in buying a foreclosure? It's a great time to buy, there are thousands of foreclosures available. Save time, gas, and money by taking these simple steps:
STEP 1 - GET PRE-QUALIFIED
The first step is to find out how much money you can borrow to purchase your new home. The pre-approval process is primarily based on your income, debt and credit. You'll find out what you qualify for regarding a mortgage payment. You will avoid wasting time looking at homes that don’t fit within your budget. This process is easy and offers peace of mind when shopping for your new home. The pre-approval will not only give you a better idea of your budget, it will also speed up your mortgage application later on in the process.
Be proactive and check your credit report to know your credit worthiness and clear up problems if any before going to a lender.
Contact a lender or mortgage broker of your choice to get a pre-approval to purchase your new home. If you don’t know of a lender or mortgage broker, contact a licensed realtor, who can assist you in getting your pre-approval and give you additional information about the process.
A pre-approval from a lender puts you in an excellent negotiating position and it's your green light to begin your home search.
STEP2 – DEFINE YOUR DREAM HOME
Now that you know the price range for your new home, you need to decide what you want. Make a wish list of what you want. Then prioritize them by needs and wants. Consider:
Ranch style, 2-Story, etc.
How many bedrooms
How many bathrooms
Minimum square footage
Garage or Carport
Finished basement
Fenced in yard
Etc.
STEP3 – CONTACT A REALTOR
With your pre-approval letter in-hand and knowing what you want, you are now ready to look at properties. A qualified realtor will help you:
Find the best home for your needs
Negotiate the lowest possible price
Meet your home buying needs with the least amount of hassle
