How to buy a foreclosure?
Purchasing a home in Santa Clarita as a foreclosure or bank owned property (REO=Real Estate Owned) can make for a great bargain, however there are a few tips to be aware of when deciding on the right home. Any Real Estate website should allow you to search for foreclosure listings for free. Properties that are currently available to purchase will be made available to the overall public in the MLS just as normal listings. Do your homework and know what type of questions to ask your Real Estate agent.
- Does the equipment in the home operate?
- Are there any signs of water damage or leaks?
- Will the bank pay for a termite report and or repairs?
Since the home is being sold from the bank there will be a limited amount of disclosure pertaining to the home due to the bank not actually occupying the property. It is key to ask as many relevant questions and have all the recommended inspections done i.e. termite, home inspection, appraisal, and roof inspection.
For a free checklist on what to ask for when purchasing a Santa Clarita foreclosure please fill out form below…
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