In most real estate markets across the country, first time home buyers have their choice among hundreds of foreclosed homes.
But what makes a foreclosure a good deal? It's not just the lowest price because that could be a reflection of property condition. Nor is it the best terms, if the terms are "too good to be true" they probably are.
It's a good deal if, after doing your due diligence, you've determined it's the best home available for you and your family.
"Due diligence" is a term normally reserved for real estate investors, but first time home buyers should perform their own due diligence.
The first step in performing your due diligence is hire a good real estate agent. It's a good idea if the agent represents only you and not you and the seller. There's negotiating to be done and you want someone who has your best interest first.
After closing you're the one who will be living there and making the payments, so you'll want to make sure you know as much about the home and the process of buying it as you possibly can.
To get your Due Diligence Property Checklist - Click Here
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