Contrary to old notions, cheap foreclosure properties are not necessarily rundown properties located in seedy neighborhoods. In fact, it is now easy to find foreclosures that are not only bargain pieces, but are also good in quality. This is due to the fact that the foreclosure crisis also affected a lot of upper and middle class families who own fine pieces of property. Some foreclosures are the results of some people just wanting to relieve themselves of some mortgage obligations, thus, unloading some of their properties.
But because you can never be too careful when dealing with foreclosures, which are generally sold ‘as is’, then you should exercise care when choosing a property to buy. Here are some important things that you should put on your home buying checklist.
How much can you afford? Knowing your budget is like giving instant efficiency to your search as it would effectively limit your search to those that only come within your budget. Determine your financial situation, your debts and your job security as well as your credit score. Also, you need to decide how much you can afford for a down payment.
This criterion will help you choose between a multi-unit and single unit home. You might also want to look at whether you want to buy a modern house or look at foreclosure properties that have high architectural value. Determine how many bedrooms you want, the size of lawn that you need and the number of baths and toilets that you want in a house.
Whether you are buying for an investment or for personal use, you will find that neighborhood is a very important factor that you must consider. If you are planning to resell the house, the neighborhood is an important aspect of its marketability. If you plan to live in it yourself, then your safety and convenience should come first.
In choosing foreclosure properties to buy, there are those who evaluate the area in which the property is situated based on whether or not it is prone to natural and man-made hazards. Check to see if the area is often visited by storms, hurricanes, floods, landslides, earthquakes or is near toxic plants, mining areas and others. Of course, you would not want to expose yourself and your property to these dangers.
Joseph B. Smith has been educating buyers on the finer points of foreclosure properties at ForeclosureConnections.com for over five years. Contact Joseph B. Smith through ForeclosureConnections.com if you need help finding information about foreclosure properties.