Real Estate Insider Blog

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How to Purchase Foreclosures

There are many advantages to buying a foreclosed property. Requiring thoughtful budgeting, real estate knowledge, and patience, foreclosures are an excellent way to acquire real estate at a lower price than would otherwise be possible. Carefully considering what type of foreclosures you're interested in and what your real estate goals are, foreclosures are a great source of real estate deals.

Choose a Foreclosure Stage

An involved process, foreclosed or distressed property is sold in various ways and through a variety of channels. Pre-foreclosure, auction, and bank owned are the three basic stages of foreclosure. Choosing a stage of foreclosure to focus on will allow you to tailor your buying approach.


Pre-foreclosure is the stage directly prior to an owner losing their home. During pre-foreclosure you can buy a home directly from the owner. A short sale, or a house where an owner owes more than the home is worth, is a popular sale method during the pre-foreclosure stage. Similar to a regular real estate purchase, a pre-foreclosure sale requires inspections, title insurance, and adequate financing prior to purchase completion.


A property arrives at an auction when the owner or owners were unable to sell, refinance, or pay in any way. The exact execution for an auction varies, but, generally, properties are sold as-is. Subject to any existing loans and liens, an auctioned property requires full payment, in...

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The prospect of a hurricane can be quite upsetting, especially for those squarely in the path of an upcoming storm. While your natural response may be to panic – and who could blame you? – there are some things you can do now to keep your home as safe as possible should a devastating storm come to call.

Pack an Emergency Kit

Due to the unpredictable nature of hurricanes, it's always better to be prepared. An emergency kit can give you access to the kinds of supplies you'll need should a crisis occur, and should include:

  • One gallon of water per person per day
  • At least three days of non-perishable food
  • A week's worth of prescription drugs
  • First aid supplies, like band-aids, bandages, antiseptic, and ibuprofen
  • Important documents, like credit cards, ID, passports, birth certificates, prescriptions, utility bills, and car titles
  • Backup power sources for computers and cell phones, flash lights, radios, and batteries
  • Clothing, including warm attire, clean socks, and underwear
  • Pocketknife or wrench
  • Tarps and other ways to make temporary shelter
  • Matches, lighters, or other fire starters

Stock Up on Water

When access to clean water is eliminated, it can be very hard to bathe or use the bathroom. Instead of leaving your well-being up to chance, stock up on water now. Fill bathtubs, sinks, and other receptacles with as much water as possible so that toilet tanks can be refilled and water is available for...

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