If you’re thinking about buying a foreclosed property, there are a few things you should do first – including hiring the right Lake City Realtor® to help you.
3 Things to Consider Before Buying a Foreclosed Property in Lake City
The first thing you need to do before you make an offer on a foreclosed property is to get a preapproval letter from your lender. That will tell you exactly how much money you can spend on a home, and it’ll streamline your financing process later.
You also need to remember that foreclosed homes are typically sold as-is, which means if you buy it, you’re the one who’s responsible for repairs. The bank that owns the property is not likely to make repairs or other concessions when you make an offer.
Finally, you’ll want a title search done before you make an offer. You can typically hire an attorney or a title agency to handle this for you, and it’s absolutely necessary. That’s because the previous owners may have failed to make payments on property taxes or homeowners association dues – and if there’s a lien against the home, you need to know that before you buy. Otherwise, you could be liable for paying everything the previous owners owed, which can be a significant amount.
Do You Need to Talk to a Lake City Realtor® About Buying a Home?
Whether you’re buying a house, a farm, or a tract of timberland, we can help you find something that’s just right for your needs.
Call us at 386-243-0124 or contact us online. We may be able to help you find the perfect property in Lake City or the surrounding communities.
In the meantime, check out our:
- Waterfront residential
- Waterfront land
- Bank-owned and foreclosures
- Short sales
- Paved road frontage
- Non-deed-restricted land
- Wooded oak tree land
- Land for land home combo
