There’s a lot more to buying a foreclosed home than visiting an open house. Dolly Lenz of Prudential Douglas Elliman has three tips to help you navigate once you hit the auction block.
1. Do your homework. Visit the houses you want to bid on. Get estimates for repairs, consider getting an inspection done and be ready.
2. Set your limits for bidding early to avoid getting trapped in a frenzied bidding war. Start backwards with your budget to come up with a final number.