Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

What are the major aspects of recognizing a suitable foreclosed home


aspects-of-recognizing-a-suitable-foreclosed-home

In our last post we have talked about how to point out the foreclosed homes which will be not suitable for you. Today we will discuss about choosing a good foreclosed home by analyzing its characteristics.

Now you really know how to judge a bad foreclosure property. But there are some unique characteristics which separates best foreclosed homes from others. It is human nature that we want clean, convenient and safer environment for living. So, people won't hesitate to put all the hard work for searching best properties in good neighborhoods.

If you can find a good property in a great location, don't hesitate to go for the deal. You just have to check whether the property have below given qualities or not:

1. The home located in a classy neighborhood - Check the neighborhood. If it is well-established and populated by good, well-mannered people, then just go for it. You and your family will be safe in this kind of places where criminal activity is much lower than the other parts of the city. You must search for the old or semi-old homes which are still owner occupied. Make sure they are neat and clean as well as well-maintained.

2. Clean neighborhood – Don't go over the age of the neighborhood. It doesn't matter as long as it is well-maintained and clean. If you don't notice trash scattered in the roads, or un-mowed lawns or unkempt bushes/trees, this is the perfect neighborhood for a healthy living.

3. Well aged neighborhood - It is ok that the neighborhood is clean, tidy and healthy. But it also required to be well aged through good maintenance. If you can see big, tall trees surrounding the neighborhood, it will give you the feel of gracefully built houses, people and their relation. You can also look for vacant houses and their details. If you found the number very low and most of the neighbors are living there since a long time, it can be surely assumed that this neighborhood is perfect for living with your family.

4. Continuous improvements - Look for the improvements which the existing homeowners made in their homes. If you found that the neighbors are continuously upgrading themselves and also their homes, like adding extensive landscaping or decks or sun rooms, this is the perfect place for you.

5. Availability of services – It would be wonderful if all available facilities are near your neighborhood. If you can avail school, hospital, market and other facilities just few walks away from your home, nothing is more amazing like that.

6. No need for major repairs - If you visit a foreclosed home which needs major repairing work, try to avoid that home as soon as possible. The amount which you'll receive as a discount while buying that home will definitely go to pay off the repairing cost. So, why would you buy such house that will exhaust your saving? So, if you found a decent home where you'll have little repairing cost, go for it.

7. Strong structural foundation – Whenever you decide to visit the home, always go there at daylight for the first time. Check and verify the structure of the house, make sure it is well build from the base. Strong base and structure will ensure the long life of the house as well as your safety.

To be a wise home buyer, you'll have to bear some legwork and do some research work as well. Investing your money in a foreclosed home is a big deal. Try to work things out slowly, don't make any sudden decisions. Check every aspect I have informed you earlier and also in this post. Get a cheap deal and make your dreams come true.

Page loaded in 0.059 seconds.