real estate

7 questions to ask before buying a home

Are any foreclosures for sale in the area?
Next
Slide 7 of 8
Back
Are any foreclosures for sale in the area?

It's the question sellers (and their agents) hate: Are foreclosed homes for sale nearby? Foreclosures usually cost less, and that has to figure into your buying decision.

"It always makes sense to ask if there are other houses for sale in the neighborhood," says William Poorvu, professor emeritus of entrepreneurship at Harvard Business School and co-author of "The Real Estate Game." "In today's world, you should also ask if any of these sales are as a result of foreclosures."

With foreclosures in the neighborhood, "you can assume there will be a lot of price competition, and you may offer less money," Poorvu says.


Next
Slide 7 of 8
Back

 

 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
MORTGAGE & REAL ESTATE NEWSLETTER

Timely market news and advice for consumers ready to buy, sell or invest in real estate. Delivered weekly.

Blog

Judy Martel

Slow thaw in housing

March housing numbers reflect problems with costs, supply and demand.  ... Read more

advertisement
Partner Center
advertisement

Connect with us