When a home is foreclosed in Berks County, the bank's goal is to sell it as fast as possible. Lenders will use a real estate agent to sell the property, since selling homes is not what banks do.
If you're thinking about buying a foreclosed home in Berks County, what steps should you should take?
Here's 4 tips to help you buy a foreclosed home.
1. Choose a foreclosure real estate expert.
Lenders will usually sell a foreclosed home through a real estate agent. We can help you find foreclosed homes for sale and work with those agents to help you complete the sale.
As real estate experts, we have experience selling foreclosed properties and can guide you through the process.
2. Work with your agent to set a price.
We can show you how much comparable homes have sold for in the neighborhood of the foreclosed home to help make an offer. Since the lender is motivated to sell, you may be able to make an offer that's well below the market value.
3. Get your financing in order.
The more prepared you are with your financial information, the faster you can act on purchasing a foreclosed home. Closings can be faster with foreclosed homes since they are vacant. Make sure you have your finances ready to close the deal.
4. Expect an as-is sale.
Foreclosed homes can sometimes be neglected since the previous owner was obviously strapped for cash. Make sure you have enough money after the sale closes to take care of any issues, big or small.
Lenders will also require that you purchase the home “as is,” which means in its current condition. Have a home inspector go over the home to give you an idea of what you're getting into financially.
Be sure you also do all the environmental testing that’s common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.
If you plan to buy a foreclosed home in Berks County, we can help you find the home that's right for you in Reading and the surrounding communities of Blandon, Boyertown, Douglassville, Exeter Township, Fleetwood, Kutztown, and Oley with our powerful property search tool.