Buying a West Knoxville Foreclosure: Top 5 Mistakes Buyers Make

foreclosureIn the current West Knoxville real estate market, there are a lot of great deals. Among the many great deals on the West Knoxville real estate market, there are many foreclosures, some of which can be great buys while others can cause more problems than they are worth. If you’re one of the many West Knoxville home buyers considering buying a foreclosure, here are a few mistakes to avoid when buying a West Knoxville foreclosure.

Mistake #1: Not doing your research. Buying a foreclosure is a slightly different transaction, so you will want to make sure you pick a real estate professional who is able to guide you through the process. A knowledgeable agent will be able to advise you on the current market conditions and whether or not the home is a good buy in the current market.

Mistake #2: Failing to get a home inspection. When buying a foreclosure, this is a critical part of the home buying process. A home inspection will help identify the potential issues that will need to be fixed after the home is bough.

Mistake #3: Assuming every foreclosure is a good deal. There is no denying that there are many great deals on the West Knoxville real estate market right now.  Still, not every foreclosure is a good buy, some will require a great deal of repairs and come with many problems.

Mistake #4: Not having your finances in order. Whether you are paying cash or going though a lender for financing, you will need to prove you have the money to purchase the home. Be sure when you are ready to make an offer you have all of the documentation that is needed, that way you don’t miss out on an excellent opportunity.

Mistake #5: Moving too fast. You may really want a particular house and think you are getting a great deal. But be sure to take the time to do your research.

Are you looking to buy a home in the West Knoxville area? If so, please let us know if there is anyway we can be of assistance. You can contact Rick at 865-696-9002 or Kati at 865-392-5880, or send an email to Rick@TheBigOrangePress.Com. Also, be sure to check out our West Knoxville Home Search Page to see what foreclosures are for sale in West Knoxville.