If you have never bought a home before a foreclosure may not be the best option for you.... then again it may be perfect for you. You need to know your options and programs that are currently available to decide if buying a Ruidoso foreclosure is the best path for you.
There is no better place to start than with your Ruidoso Realtor. Having the skills and training necessary to delicately guide a home buyer through the foreclosure process is not something for the amateur Realtor or agent. There are many more insights and details needed in the course of the transaction that attempting the deal with a green agent may actually cost you more than you know.
The very first step is to find a Ruidoso Realtor that is proficient in handling foreclosures. We have several in our office that know the procedure and deal exclusively with foreclosures in the Ruidoso real estate market. Please contact us anytime or use the form below to get in touch with one of our foreclosure Realtors.
Once you have a Realtor you trust and can feel comfortable with you must learn how much you can afford in a home. Just like buying any other home knowing this before looking at homes will better equip you for finding the right home and not feeling stressed with a home too far out of your comfort level. Sitting down with a lender that deals with foreclosures can really make the transition smooth. A good lender will discuss your options and devise a plan for your search and funding.
Make sure you discuss with your Ruidoso Realtor the expectations you may have when buying a foreclosure. Not all homes are are "pretty" as a seller staged home. These homes have been taken from their previous owners and they may not shine like you want them too. When buying a foreclosure many times the home is sold "as is". You cannot ask for repairs or items in an inspection as easily as you would when a seller is selling the home. But, that doesn't mean the banks won't do anything. If there are serious health or safety issues the bank may understand these items must be corrected before they can sell to anyone. Some city and county codes require certain items so check with your Realtor before settling for something you may not have to.
Most of the homes will certainly need cosmetic repair and these are things that banks typically are not going to assist with. So be prepared to do your own painting, flooring and any custom issues you may see off hand. But this is in no way to suggest on not having an inspection. Inspections are vital when it comes to foreclosures. You want to be well aware of any hidden issues that you may not know about.
Finding all you can about a home before you close on it is one of the smartest moves you can make. Once you know what you may have to do on your own you can make a more informed decision.
Buying a Ruidoso foreclosure can take longer than you may hope as well. Because you are dealing with a bank and not an actual seller, time issues are sometimes stretched out or extended. Don't plan on buying a foreclosure and closing in a couple weeks. Sometimes a foreclosure can take a few months but remember, the pay off is in the price.
Knowing what you are up against from the beginning can make the process less stressful because there are certain expectations you are already aware of. The overall benefit of buying a foreclosure is the price, of course. You can save thousands over a non-foreclosure and have the luxury of fixing up the home however you want. All that savings that actually help you put the extra money into a custom design or simply buying a bigger house in a better neighborhood than you could otherwise afford.
If you have been considering buying a Ruidoso foreclosure please contact us today. We have the right Realtors ready to help you through the process.