For those who are looking for a great deal on a house, purchasing a foreclosure may seem like the obvious choice. While there are many good deals to be had when purchasing a foreclosure, it is important to know as much about the process of buying a foreclosure before you decide to make a purchase. The steps can vary slightly from Austin homes for sale to those in Tempe, so in order to be sure to make the best purchase possible for your future, it’s generally also a good idea to check with your local agent for further information.

Perhaps the most important thing to keep in mind when buying a foreclosure is that you need to know how to conduct a title search. By performing a title search, you will have a more realistic picture of what you have gotten yourself into. After conducting a title search, you will have a clear idea of how much is owed on the home and how much you have truly invested in your purchase. The last thing you want is to purchase a foreclosure for $75,000 only to learn that it also contains a $100,000 lien.

Another thing you should keep in mind is that foreclosure homes are sold “as is,” which means there may very well be expensive repairs that need to be made before the home can be resold or inhabited. In some cases, you will not have the opportunity to look inside the home or have it inspected by a professional before you make a purchase. Even if the previous owner didn’t damage the home on purpose, he may not have had the money necessary to maintain the property up until the point it was foreclosed upon. Those unexpected surprises could suddenly change your great deal into a money pit.

Finally, it is important to know that there are three ways to purchase a foreclosure and that the process is different with each option. These methods include:

— Pre-Foreclosures – involves purchasing the home directly from the homeowner before the bank actually forecloses upon it, which means you have the opportunity to inspect the home and conducted a full title search before making a purchase.

— At Auction – involves purchasing the home from the bank at an auction, which may take place at the home, in a county clerk’s office or on the courthouse steps. Purchasing a home At Auction can offer the most discounted price, but also carries the most risk.

— REO – involves purchasing the home from a real estate agent, hence the name “Real Estate Owned.” With an REO purchase, you can demand a clear title, you can fully inspect the property and you can make the sale subject to getting a mortgage, making it the least risky option. As a trade-off, however, you typically cannot get as good of a deal with an REO purchase as you would At Auction or during the Pre-Foreclosure stage.

If you go into your purchase with a basic understanding of these fundamentals, you just might be able to find the home of your dreams at a price you can afford.

About the Author – Eric Bramlett is co-owner and broker of One Source Realty, a boutique Austin real estate firm, and specializes in Steiner Ranch Austin real estate.

Spring cleaning may not always be glamorous, but the jobs that homeowners undertake this time of year can save years of service and thousands of dollars for some of your home’s most important amenities and features. Home maintenance is worth every minute and every dollar put into it. Don’t believe us? Consider this:

1. A heating and air-conditioning system can last you up to fifteen years when tended with proper maintenance. A professional should be called in about twice a year to inspect motors and fan blades, as well as wiring, the control box, and other system parts. Simple check-ups like these, as well as consistent cleaning of filters and vents, will alert you to small problems before they become big and expensive ones.
2. Your clothes dryer is a work horse that has a life expectancy of about fourteen years. This appliance, however, can be a major fire hazard if neglected. The dryer vent should always be kept clean, and the lint trap should be cleared after each load of laundry. The appliance should be inspected once a year by an electrician, who can remove the access panel behind the dryer and have it vacuumed out. Any wall ducts and aluminum vents should also be removed and cleaned out at that time.
3. The refrigerator will be around about as long as your dryer, maybe even years longer. Keeping the condenser coils clean improves the refrigerator’s efficiency by as much as thirty percent, so pulling the appliance out and vacuuming the coils should be a part of every spring cleaning routine. Once or twice a year you’ll also want a qualified appliance repair tech to remove and vacuum the cover panel.
4. Every year, be sure to have a plumber check out your washing machine hose connections, including the drain hose, to ensure that they’re secure and have no bends or kinks. Proper maintenance will help you avoid one of the most expensive appliance failures your home can experience: the dreaded failure of the washing machine hose.

These are just some of the places in your hardworking home where a little attention and a bit of maintenance can extend the life and productivity of your appliances and systems, saving you major headaches and unexpected expenses.

See Also:

Appliance Life Expectancy Chart

Home Buying Guide

Does Making Your Home Green Add Up?

Today’s real estate consumer is well-educated, savvy, sharp, and recognizes that this is not the time to go it alone. They also recognize they need the expertise and advice of a true real estate professional who has the skills and wherewithal to successfully market a property resulting in a successful sale. The smart consumer is one who realized that completing a real estate transaction on their own can possibly result in an unsuccessful and unfortunate real estate debacle. Because of this, when choosing a real estate agent, potential sellers and buyers of real estate look for trustworthiness, followed by experience, readiness to look out for a client’s interest, expertise in listing a property, excellent contract negotiation skills, responsiveness, familiarity with contracts, an awareness of the local community, and knowledgeable about comparables. These requirements are proof that consumers are seeking more than simple real estate direction; they need an expert in whom they can trust to execute a step-by-step process throughout the entire real estate transaction.

Studies have shown that ninety five percent of buyers and sellers have reported that working with a professional real estate agent or broker is vital and the key to a successful real estate transaction whether purchasing or listing a property. Real estate consumers understand how imperative it is to have a real estate professional represent them in the process. What makes a superb real estate professional stand out from the others is one who has a vast knowledge of the real estate industry, both on a global and local scale, is current on real estate trends, has excellent networking capabilities, is an expert in home buying and selling, delivers superior customer service and advice, and provides a successful and rewarding experience for their clients.

On a scale from one to seven, this same study revealed that sixty eight percent of buyers and sellers rated their agent as a six or a seven. This shows the soaring level of consumer confidence and supports the credibility of the real estate professional. Additionally, forty eight percent of those surveyed found their agent by way of referral, and eighty percent of these buyers and sellers would recommend their agent to a friend or family member, particularly those individuals who had purchased or sold a home in the past twelve months.

Whereas in years past, the agent was the first step in the home buying or selling process, today, real estate consumers are have an infinite wealth of knowledge, are incredibly internet-savvy individuals who can gather information and educate themselves, long before they make contact with a real estate agent. Thanks to the World Wide Web, the internet empowers and provides consumers with a wealth of knowledge, the ability to search for homes and neighborhood information, area demographics and statistical facts, price comparison and exploration of financing options on their own. Yet, regardless of all of the tools and resources available to today’s real estate consumer, when it comes time to actually buy or sell a home, there is nothing more valuable and important than choosing a realtor who has superior real estate industry knowledge, and offers outstanding expertise and guidance. Nothing can compare with having a real estate professional on your side and the exceptional services that they bring to the table.

This is affirmation that the world of today and more so than ever, a real estate professional is an invaluable resource in the home buying and selling process.

About the Author – Tim Ryan specializes in helping buyers find great deals on Naples Real Estate. You can visit Tim’s website where you can find thousands of Naples homes for sale.