Hal's Mortgage Blog

You’re in luck. Foreclosures are dominating our market in Middle Tennessee. Be careful though, there are rules of common sense that need to be observed.

1. Get pre-approved by a lender. You might be surprised by what’s on your credit report. Now’s the time to fix it, not during the transaction. Make sure you’re not looking at property that’s over your head with regard to affordability.
2. Align yourself with a good Realtor. One who knows the local market and has experience in foreclosures. You can interview several before making a decision but once you pick a Realtor I recommend working exclusively with them. Once they’re on your “team” they’ll work hard to find what you’re looking for.
3. If a property needs work, and many do, wouldn't it be nice to know what the repair costs are going to be before you end up purchasing? More than one buyer has ended up with what we used to call “a pig in a poke”, or shall we say an unexpected surprise. That’s where your third team member comes in - a rehab contractor or if you prefer a Home Inspection Service.
4. Don’t get caught in a bidding frenzy. Some properties receive multiple offers while HUD foreclosures are a sealed bid auction. Once more, your Realtor is worth their weight in gold in guiding you on what to offer.

Be patient. Make a plan and stick to it.

Happy House Hunting