Tips for Buying a Foreclosure Property

Many people are buying foreclosure or short sale properties these days. These homes can be a great investment for many, but they can also be more challenging to buy--the process can take a bit longer and there are some unique things to consider about the property as it may have been sitting without regular maintenance for quite some time.

I found an article this morning called 9 tips for buying a foreclosure property on ThisOldHouse.com. I especially liked these tips from their list:

• See the house for yourself. It's important not to buy these properties site unseen. See them personally or send in a professional you trust to do an evaluation for you.
• How long has the house been empty? The longer the house has sit empty, the longer many issues have a chance to"fester."
• Was it winterized? And if it was, was it done properly? Read this post on Winterization to learn more about why this is so important. Winterization Part 1. Winterization Part 2.
• Look at the landscaping. Neglected landscaping can add to the deterioration of the home, as roots and overgrown foliage can heave walks, disturb foundations, invade plumbing and more. Read more about how landscaping can affect your home here.
• Contract for a private inspection. Always get the home inspected. Even if you are buying the home "as is," you'll want to know exactly what you are getting into and what kind of investment (of both money and time) restoring the house will require. Read more about the importance of an inspection on a foreclosure property here.

Read the full ThisOldHouse article.

Learn More. If you want to know more about buying these types of properties, here is a post we did with some important basics on the topic:

Buying & Selling Foreclosure Properties