Tips for Buying Foreclosed Homes from a Kennewick Broker
KENNEWICK, Wash.-- While the Tri-Cities isn't deep in the housing market crisis, there are still foreclosures here. Real Estate broker and owner of Divine Realty, Willie Stewart, says 3% of all homes on the market here are foreclosed homes.
Willie Stewart says buying a foreclosed home can be risky if you don't know what you're getting yourself into, but it can also be rewarding. She says to make sure you see the house before buying it, and hire an independent inspector to check for potential problems. Stewart suggests to do a title search on the home to make sure it doesn't have a second mortgage on it or lien against it. She also says to avoid auctions because you often don't get to see the house before you buy it that way. Stewart explains, "All foreclosed homes are sold 'as is,' 'where is.' That means the dead grass, the broken chandelier, [and] the missing carpet."
If you buy a foreclosed home, be prepared to put some work into it. Although, as the number of foreclosures rise, banks are fixing up homes and making them more marketable before selling them.