When it comes to buying foreclosures, it's important to do your homework and be an informed consumer. While foreclosed properties can and often do produce a profitable return for investors, it's important to keep the following in mind when perusing properties:

• Not every foreclosure is open to inspection. This means that you may or may not be able to view or evaluate the property, and could be required to make a decision based on nothing more than a visual and any information provided in the foreclosure listing.
• If a foreclosed property is open to inspection, it will be up to potential buyers to hire an inspector for the purpose of evaluating any necessary repairs or improvements. This will aid investors in the decision as to how much money they wish to pay for a property by giving them an indication of the work and cash needed to restore it.
• Buying foreclosures means purchasing a property “as is” with no guarantee as to its condition.
• If you require financing, it's important to check with a lender to arrange for a mortgage before placing a bid on a foreclosure.
• Prior to buying foreclosures, or any other type of real estate investment, do your homework. Homes built before 1978 may contain lead paint, which is why it's important to learn as much as possible about the home's age and condition, along with other potentially concerning aspects of real estate before signing on the dotted line.
• Successfully buying foreclosures as an investor means knowing the current market value for comparable properties in the area. To obtain a list of comparables, contact our Customer Care Department.

To contact one of our foreclosure experts, click here.

To use our foreclosure property search tool, powered by RealtyTrac^®, click here.

If you would like to contact a Shorewest Customer Care representative for assistance, click here.

The information contained in this article is designed to be used for reference purposes only. It should not be used as, in place of or in conjunction with professional legal, financial and/or investment advice regarding buying foreclosures.