Buying foreclosures

On my July podcast, which you can hear by clicking here, I talk about the pitfalls of buying a foreclosed property. I'm not saying that you shouldn't buy such a property, I just saying be careful and go in with your eyes open. In most cases, foreclosed properties have been neglected and since you are buying the house "as-is" you need to make your inspections during the attorney review period so that you have an out if it turns out to be a "money pit". Also, most of the time the bank with insist on a quick closing, so you need to have a fast mortgage company and one that is flexible, since most likely you are going to be buying with a temporary Certificate of Occupancy and doing the repairs after the closing. If you have any questions on buying a foreclosed property, call me at 1-877-85-Glenn or e-mail me by clicking here.