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Together with unexpected repair and renovation work, delinquencies equivalent to back taxes and liens (which public sale properties often have attached to them, both by the IRS or state or other collectors) can add further costs to an otherwise desirable home.
Think about discovering a real estate agent with connections within the foreclosures market that can assist you locate potential properties, an attorney accustomed to the foreclosure laws in your area to evaluate all paperwork, and a reputable normal contractor to supervise any mandatory house repairs.
Even with out the crime element, properties that have sat dormant for months and even years have likely been uncovered to the weather and thus have a substantial risk of some kind of harm: mildew, impaired plumbing, wooden rot, termites – things that require substantial outlay to repair, making that cut price price tag much less of a bargain.
Due to this fact it is best to probably make your preliminary bid at a price that is no less than 20% under the current market value, or perhaps much more if the property you are bidding on is positioned in an space with a excessive incidence of foreclosures.