Are foreclosures in your future?

We have a lot of people inquire on our website, http://www.askadvantage.com/  for foreclosures.  We offer a free list of what's available...the thing is, do you really want a foreclosure, or just a bargain?  Every foreclosure purchase requires the buyer to have a pre-approval letter OR a proof of funds letter (if you are paying cash).  The bank selling the property wants to know you are "ready to go" and that financing will not be a concern.  They normally will give you a short time to do inspections.  (I've seen 5 to 10 days, depending on who you are working with.)  There will be pages (often 15 to 20 of them) they will require you to sign as a purchaser acknowledging that you are buying the property "as is,"  that they have acquired the property through a foreclosure and have no knowledge of anything, etc.  They want you to acknowledge that you will not hold them responsible for anything after closing:  defects in workmanship, mold, lead based paint, etc, etc.  The list goes on. 

They can be a great opportunity for the person who can do the fixups required...Many people want a home that just needs "carpet and paint."  I could be rich if I could cash in on all the people who told me they'd buy that "fixer upper" if that's all they had to do.  Unfortunately, people who lose a house to foreclosure probably aren't cleaning the gutters, fixing the roof leaks, toilet leaks, etc.  So you may have other deferred maintenance items as well as the carpet and paint to fix.

I'd challenge any "foreclosure" buyer to take a look at the properties on the market that are still owned by the owner and count the costs...sometimes it balances out not to have to do all the repairs, and to pay market value for a home in good condition.  Not having to do the work and having it be "move-in ready" is right for some people.  You know who you are... :)