subject: Excellent Methods of Buying Fort Lauderdale Foreclosures [print this page] Author: Mark Ferrer Author: Mark Ferrer
Foreclosures are still one of the most preferred properties of investors, and even first-time homebuyers, due to their affordability. It is possible to buy Fort Lauderdale foreclosures, for instance, for as much as 30 percent below market price. This alone makes them quite an attractive real estate. But they are not without hitches. Luckily, here are simple yet effective methods of approaching the foreclosure-home-buying process successfully.
Hire the right people
You need the right agent to help you purchaseFort Lauderdale foreclosures. These properties, while affordable, can eat too much of your time. You should be ready for hang-ups and other bumps along the road. For starters, the homeowners themselves can be a problem. Approaching distressed property owners is difficult, especially if you are a first-timer. But with the right agent, and probably a lawyer and a broker, you can efficiently complete the entire process.
Master the search process
Searching for Fort Lauderdale foreclosures is easy. However, the properties listed in the MLS hardly represent that overall number of distressed homes in the city. There are plenty of ways to look for foreclosure properties, and the MLS is but one of them. The banks and even other listing agents may carry attractive properties. Your main goal here is to spot potential bargain. You can certainly do so if you widen your options enough to give you plenty of property candidates.
Shop for the mortgage
Financing is the largest drawback of buying foreclosure properties. Unless you are ready to pay cash, you can expect a hard time convincing lenders to approve your mortgage application or give you a reasonable loan term. These are high-risk properties that most lenders will likely stay away from. Although it isnt impossible to find a lender that can give you the right financing you need, the main concern is the search process. You have to take plenty of time shopping for the right mortgage.
Create a financial breathing room
The mortgage isnt the only money matter you need to concern yourself with. After buying Fort Lauderdale foreclosures, you have to make sure that there is enough cash to cover the repairs and updates. Fixing foreclosures can consume a large portion of your financial pie if you're not careful. Set a workable budget that can cover all the necessary expenses as well as enough room for emergency fees. It is important not to go overboard with your updates lest you find your bank accounts gasping for air.
