Vahe Hayrapetian’s Tips for First-Time Buyers on Purchasing Foreclosed Homes

The number of foreclosed homes in the US market has risen as of late, mainly due to the recent financial crisis the country went through. Foreclosed homes are seized residential properties that are then offered to buyers so the bank can recoup the investment they made on the property. These are often sold way below the current market price, making them ideal purchases for any first-time home buyer.

Foreclosed homes can be a good deal if you are ready and aware of what is available for purchase. Some bank-owned homes are in very good shape, while others may need to be repaired. Unfortunately, many former homeowners allow their properties to deteriorate once foreclosure becomes inevitable, and the cost of repair could be more expensive than what you expect. Here are some tips from top mortgage financing agents like Vahe Hayrapetian on buying a foreclosed home.

Always expect that some amount of repair will be necessary. Be familiar with the costs of general repair work such as painting costs, window replacement costs, etc. Once you have an idea of the total costs of repair, add it to the home’s asking price, and see if the amount is still something you are willing to pay for.

Always base repair cost estimates on professionals’ fees. Never set a budget for repairs based on do-it-yourself estimates. Use the costs of hiring professionals instead. This way, when repair is underway in your new home, and you feel like you can do the work, you will have money to spare.

Always have legal representation when purchasing a foreclosed home. Signing a contract without fully understanding what it could mean for you long term can cost you dearly. Real estate lawyers can help you understand the terms of the sale better. If you’re paying for the property through a home loan, the lawyers may also help you work out the kinks of your loan.

Here’s a valuable tip to keep in mind when it comes to home loans: You can improve your chances of scoring the best rates by consulting a loan officer like Vahe Hayrapetian. Such professionals are the go to source of realtors and homebuyers for all their home financing needs. For more info on foreclosed home purchase, check out business.time.com/2012/05/16/want-to-buy-a-foreclosure-heres-what-you-need-to-know/.

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