Oldham County Public Records

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Tips For Purchasing Louisville Foreclosure Property

Some residents of the Louisville area may be looking for ways to turn the negative flood of foreclosures on the American housing market into an opportunity by purchasing Louisville foreclosed homes for sale locally. Looking at Louisville foreclosure properties involves knowing how homes are foreclosed on and re-sold, what a Louisville foreclosure real estate agent does for a company, and how you can get a reliable purchase for investment or a primary home. Some basic steps apply to finding your way toward a Louisville property with a history of foreclosure.

Stages of Louisville Foreclosure

After you find available properties with a foreclosure status for re-sale, you’ll want to find out where the property is at regarding its foreclosure status. In pre-foreclosure, a direct sale is possible without getting the lender involved at all. In a foreclosure phase, potential buyers use local public records to find Louisville foreclosure properties. In a post-foreclosure situation, you’ll be dealing with a lender and that party’s REO (Real Estate Owned) agent.

Pricing on Louisville Foreclosed Homes for Sale

It’s important to know that real value for a foreclosed property is not tied directly to its list price. Rather, you’ll want to rely on a property appraisal and a history of the property to determine what that property is worth. Buyers looking at Louisville foreclosed homes for sale locally may be putting their offer in with several dozen others and get into a steep bidding war for a property that is listed far below market value. Finding the right amount to offer for a foreclosure property can be difficult. Try to get documents that show what the loans were on a specific property and what it was listed at in the past to get accurate values you can use to make good decisions. In addition, look at the Louisville, Jefferson County or Oldham County neighborhoods to see what other nearby homes are going for.

Conditions of Foreclosed Louisville Homes

Another hurdle to getting deals on Louisville foreclosure properties is that some lenders holding foreclosed homes will not let buyers inspect them or present other obstacles to seeing what kind of physical damage has been done to the building. Other times, that damage may not be immediately visible. The unique rules about inspections for foreclosures are another reason some buyers have a tough time deciding how much to sink into a foreclosed home.

There’s also the issue of foreclosures where tenants still factor into the equation. At any stage of the foreclosure process, a buyer may have to deal with the reality of a tenant family who has not produced enough capital to be entitled to stay in the home. These thorny issues further complicate the process of buying foreclosures. A Louisville foreclosure real estate agent can help, but their powers to resolve the situation may be limited.

Good thorough research up front is the best way to single out hassle-free foreclosure buying opportunities.

 

About the Author

 

Author Bio –

Jim Powell is a Louisville real estate broker and the owner of Louisville Properties. For more information on purchasing foreclosure property in and around Louisville , please visit our website.

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