Return To Alex Reedys Homepage

Tips to buy Homes/Foreclosures Lancaster Pa

They’re some really good deals out there right now in the Lancaster Pa Homes/foreclosure market. You really have to be ready to jump on one, the competition is fast and furious. Since you probably will be competing with other buyers, here are a few tips to make you offer #1.

  1. Do your research, just because a home is listed at that price doesn’t mean it won’t go for more or less. Have your Lancaster Pa Realtor, do a market analysis on the subject home. Offer a price based on your needs for the investment, if you’re unsure of what I’m talking about, give me a call, 717-286-9607
  2. Do your inspections prior to making the offer. When you’re competing with investors who buy these things all the time, unless it’s an unusual home, they’re probably not adding inspections into the contract. *As always, if you’re uncertain get an inspection*
  3. Put a larger deposit down on the home, the average buyer is only putting down $500-$1000 for a median priced home in Lancaster Pa. How would it look if you came in with double that? Would it tell the seller your more serious than the other buyers? The answer is yes, it does.
  4. Make the settlement date quick, thirty days. Be sure you have a lender who can perform, if you’re getting a mortgage. If you’re buying cash make sure it won’t be tied up if you have to move it around.
  5. Ready, set, and wait, sometimes when dealing with banks. They can really drag they’re feet on getting responses out. I’ve waited for answers for a month on homes before. Don’t get discouraged if you are playing the waiting game. Make sure your agent goes over this with you upfront, more or less what to expect.

If you want to know more about the profits and pitfalls of Lancaster Pa Foreclosures, call me anytime. 717-286-9607. I’m always around to talk real estate.