Steps to Buying a Foreclosure

1. Get pre-approved for a home mortgage. Make sure you mortgage professional is well versed in lending on foreclosed homes. If you'd like, we can refer you to one who specializes in lending on foreclosed homes.
2. Take a look through our Hot Buys listings and find a home that fits your financial and personal interests. Homelite's Hot Buys page is constantly updated with the very best deals available in Plainfield and surrounding cities.
3. Call us to schedule a showing. During the showing, we will inform you of all aspects pertaining to purchasing the home such as, the value of the home, an estimate of repairs (if needed), how much to offer, time phrame for closing, and all other information you'll need toward making a decision to buy.
4. If everything sounds good we'll write up and present your offer. There are differences in offers made on foreclosed and pre-foreclosed homes and our experienced Homelite realtors will guide you effortlessly through the process.
5. With an accepted offer, you'll have the opportunity to conduct a home inspection. Many forelcosed and pre-forclosed homes are sold as-is, meaning the seller will not repair any home defects. However, you still CAN and SHOULD perform a professional home inspection. In most cases, if you are unhappy with the results of the inpsection you can simply cancel the contract.
6. Have a real estate attorney review your contract and review legal paperwork related to the home such as the home's title. This is especially important when considering buying a pre-foreclosed home because or the possibility of outstanding liens on the home. Again, make sure your attorney is well versed in working with foreclosed homes. Your Homelite realtor would be happy to refer you to an experienced attorney.
7. Close on the home and enjoy your equity!