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Benefits from Foreclosed Homes for Bargain

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By : Cassiano Travareli    99 or more times read
After going through a rough foreclosure, a property or home may sell in the market for a very minimal fraction of its original value than its original.

According to a realtor, more and more homes are being listed for foreclosure. In Hamilton alone, during Thanksgiving, almost 900 Real Estate Owned homes have been for sale.

Such deals may be found in several communities: from Prince Hill to Indian Hill, Finneytown, Hyde Park, even the county of Union Township Clermont. Major price cut- downs from almost 50 percent of the original value to a remaining one-third has never amazed people buying and selling these homes.

In order to make the best deal in buying a foreclosed home, it would be best to get a real estate agent who has full experience and knowledge of the know-how's of this industry. A buyer must also be prepared for the workload and repairs the home may need especially since most are no longer in very good conditions.

Although these foreclosures are sold at very cheap prices, do not let the figures fool you. It does not mean that because it is cheap, it is worth it. Here are some tips that may help you in buying foreclosed properties:

  • Check the history of the property of the house you are buying. By doing so, you are able to go as far as finding the original value of the house and check if you are making the most out of the price offer.

  • Some owners (banks) would offer to do the repair to the home. If you agree to this, they may add the repair cost to the sale price. You may want to do the repairs by yourself to be able to save some labor costs as well.

  • Check the condition of the home. Before closing a deal, make sure you check every area of the house so as not to be surprised at the extent of the repair it may cost you.

  • Make sure you have all necessary documents and papers to protect you from any issues you may encounter in the future.

  • Get a realtor who has sufficient knowledge of foreclosures. They may come in handy during negotiations.

Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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