Palm Beach, a small unincorporated town that is world famous for its beautiful and pristine beaches, as well as its warm weather and sunshine. In addition to fantastic weather and spectacular beaches, Palm Beach has plenty more to offer, as well. With an excellent list of options for shopping, dining, and entertainment, it is no wonder why so many people choose to call Palm Beach Home.
If you are considering a move to Palm Beach, you may have given some thought to purchasing a foreclosure property in the area. If this is a challenge that you feel you may be up for, be sure to check out the following tips on buying a Palm Beach foreclosure.
How to Buy a Foreclosure Home in Palm Beach
In no particular order, here are some tips on buying a Palm Beach foreclosure that we would like to share with you:
- Budget carefully. Don’t let a small upfront price tag convince you that this house is automatically a good deal. Just because the asking price on the property is low, that doesn’t mean that the repairs and other work to be done to the house won’t be astronomical in comparison. Be realistic, and ask yourself if you have the money to cover the necessary repair work.
- See the house for yourself. Sometimes, buyers will make the mistake of buying a foreclosure property – sight unseen – simply because they think it’s a good deal. The truth is, when it comes to buying foreclosure property, seeing the listing is crucial. Even if you’re out of the area and looking to purchase a home, you will need to have someone in the market take a look at the home on your behalf. Trust us, this will save you a lot of heartache – and money – in the long run.
- Learn all you can about the neighborhood. Part of your legwork before purchasing the foreclosure property should be to research the neighborhood. If the neighborhood is less than desirable (e.g., there is high crime rate in the area, too many foreclosures on the street, etc), there is a good chance that you won’t be able to recoup the cost of your repairs. Be mindful, and remember that old expression: location, location, location!
- Take a look at the landscaping. This may seem like an unusual tip, but hear us out. If the house has been neglected for any period of time, any landscaping that has been left untended can contribute to the overall deterioration of the house. Vines can crawl into the windows, large tree roots can crack driveways or sidewalks, and tree seedlings can root down into a house’s foundation.
- Consider contracting for a private inspection of the property. While banks or other lenders typically require that you obtain a property inspection before proceeding with the sale, the same rule of thumb should be applied, even if you are paying cash out of pocket for a foreclosure property. An accurate and up to date inspection of the property is so important to always have on hand.
Palm Beach Gardens FL Real Estate
If you are interested in learning more about Palm Beach area real estate, of if you would like to search for a Palm Beach Garden rental, then you have come to the right place! Our team at Jupiter Lighthouse Realty wants to be your one stop to learn all you need to know about Jupiter or Palm Beach realty. Be sure to check out our recent blog post on how to avoid Palm Beach home sale issues.
When you are ready to move forward will purchasing your new Palm Beach home, whether it is a foreclosure property or not, please feel free to give us a call. We have a genuine care and concern for connecting people with a home that is just right for them, and we would be honored to be chosen to help you find your new home. You can rest assured knowing that we are here to help you, and that we won’t just sell you any home, in order to make a commission. Browse through our current listings, and then call or connect online with us to get started today!