Tips for Buying a Green Bay Foreclosure
Are you thinking about purchasing a home in the Green Bay area? Unless you have been living under a rock for the last few years, I am sure the word “foreclosure” has probably popped into your mind. Foreclosures have been a constant hot topic on the national and local media outlets.
Is buying a foreclosure right for me?
Just because everyone says you should buy a foreclosure in Green Bay does not mean that you should. We are going to discuss the key items to take into consideration when buying a Green Bay foreclosure to help you understand if it is a viable option. Not all foreclosures have the stigma of being in complete disrepair. There are still quite a few foreclosed homes in reasonable condition.
Some foreclosures are in need of repairs
Let us first talk about the majority of foreclosed homes that are in disrepair. If you plan on purchasing a distressed property in need of great repair, you need to be prepared to deal with a variety of issues that you may not have considered. If you are an extremely handy person that has construction experience and the confidence to take on construction projects, you may be up against one roadblock: loan restrictions. If you are looking at financing this property with a smaller down payment you will need to utilize a loan program that allows for construction repairs. Banks have strict rules and guidelines if they are going to allow money for property repairs. Some of these guidelines take the ability to fully facilitate and get the sweat equity you gain from doing work yourself. If you fall into this category, you will need to contact a mortgage consultant who has experience dealing with the FHA(203K) program.
The FHA(203K) loan was designed to help get money for repairs
Now if you do not have construction experience, don’t worry because the FHA 203K program was specifically designed to allow you to hire general contractors to do the work. Now this where I always educate my clients on the big WARNING: You need to make sure that you have a knowledgeable real estate consultant that has some experience working with contractors who can prepare accurate bids on short notice. You need to have an accurate idea on the cost of necessary repairs, or you may be setting yourself up for overpaying on a property. Foreclosures are typically priced pretty fairly, but if you do not have the full picture on the true costs you can find yourself in a difficult position. An effective real estate consultant will help you avoid these traps and complicated situations.
Make sure you hire the right Real Estate Consultant
If I have not scared you away yet, then you may be the perfect candidate to take advantage of the opportunities that some Green Bay foreclosures provide. We will be offering more educational tools that will show you the best places to find foreclosures online and more information about the foreclosure process. We believe in educating our clients, negotiating like a pit bull, and helping you get through the process. We have a strong background in representing buyers on the purchase of foreclosed homes. If you would like to setup a meeting to discuss purchasing a Green Bay Foreclosure, contact Dallaire Realty at 920-569-0827