Investing Wisely: A Closer Look at Foreclosed Properties

By Tim Lockhart

Tim is a 6th generation Texan, grew up in Arlington TX, and after having served 20 years as an Air Force Civil Engineering officer and managing over $1 Billion in facility construction and renovation projects, he retired in 2013. The experience, work ethic and leadership gained in the Air Force propelled him in only 4 years to build a real estate business ranking in the top 20% of agents worldwide in Keller Williams Realty the #1 Real Estate Company in the World. Tim is a Certified Military Relocation Specialist providing the highest level of service to his clients.

Investing in real estate has long been recognized as a powerful wealth-building strategy in the United States. More millionaires have either created or preserved their wealth through real estate investments. If you’re considering diversifying your investment portfolio, exploring foreclosed homes could be a promising option, especially with the recent increase in home foreclosures. In this post, we’ll discuss three crucial steps to help you secure a great deal when buying a foreclosed home.

1. Partner with an experienced real estate agent. One of the most effective ways to access foreclosure listings not available to the general public is by hiring an experienced real estate agent. Look for an agent who specializes in foreclosures, as they can provide valuable insights and guide you through the process.

2. Research and identify foreclosed homes. While your real estate agent is your primary source for foreclosure listings, it’s also beneficial to do some research on your own. You can often find foreclosure listings on real estate and government websites. Additionally, consider reaching out to local banks and lenders, as they may have upcoming foreclosure listings.

3. Thoroughly inspect the property. Foreclosed homes are typically sold “as is,” meaning the seller is not responsible for any repairs or issues with the house. To avoid surprises, hire a professional home inspector to evaluate the property before making an offer. If the inspector identifies any problems, you can use this information to negotiate a lower price with the seller or decide whether to proceed with the deal.

These three steps can help you navigate the process of finding and buying a foreclosed home successfully. If you have any questions about this topic or any other real estate-related inquiries, please don’t hesitate to contact us. We’re here to assist you in achieving your real estate goals.

For instant access to a free copy of my book, click here: Risk vs. Reward, Getting the Most Money from Real Estate Investing