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Tips on Buying Distressed Homes (Foreclosed or Short Sale)

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To some individuals, the idea of buying a home in distress is a turn-off of sorts; however, the truth is, there are some real hidden treasures marked with the signs of "Foreclosure" or "Short sale," and many buyers do themselves a disservice by writing off these opportunities before giving them any thoughtful consideration.  Yet some have caught on to the great advantages that lurk around the corner when trying to find a home; curious investors, newly formed families and large companies seeking new headquarters, are all giving distressed properties a chance.

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A Good Lease is a Terrible Thing to Waste

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At the heart of investment real estate is often times the lease. Well-crafted lease agreements can create value for both landlords and tenants, and poorly designed agreements can do just the opposite. Be as careful and thorough as possible when negotiating this real estate contract, because it is exactly that, a contract. Those who fall into bad times or those who do not protect themselves sufficiently can find themselves saying “I should have put that in the lease!”

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