Currently I am working with my client who is an investor; he purchases properties and then rents them out for income. He recently contacted me about a property in Havertown that is listed as a foreclosure.
Foreclosures can be good deals. But, here are a few things to remember about foreclosures:
a. It depends on the condition of the house and the market value of the properties around it
b. Be prepared to purchase the house in “as-is” condition. You can have an inspection for information purchases only, do not expect the price to be lowered after an inspection.
c. Be prepared to make a cash offer or have your financials and pre- approval already taken care of before making an offer on a foreclosure.
d. Be prepared to act quickly. If it’s a good deal, other investors will be looking to make a deal as well.
If you have any questions about foreclosures, please feel free to contact me.