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Buying a Foreclosure: What You Should Know

Buying a Foreclosure: What You Should Know

Deciding to purchase a home takes a lot of consideration and is not something anyone can really do on a whim. When making such a large investment, it is important that the buyer does their research on the home and the neighborhood, as well as on how the purchase will impact their finances. When a prospective buyer finds a home they would like to buy but it has been foreclosed, there is a bit more information that should be gathered. This is simply because buying a foreclosure has a few unexpected differences that buyers may not be aware of.

A few things to note if you are buying a foreclosure include the following:

  • Your real estate agent and attorney should be well-versed in foreclosed homes.
  • In order to buy the home, you need a pre-approval letter from a lender unless you are going to buy the home in cash.
  • Like buying any other home, it is important to work with your agent to come up with a competitive offer, especially if homes in the area are selling quickly.
  • Be aware that there is little to no negotiation available when buying a foreclosure. These homes are usually sold as-is.

If you require an experienced real estate attorney, contact us today.

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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