Of course, buying a foreclosed home is much different than buying a new home. It’s even different than buying an older, non-foreclosed home. Foreclosures often aren’t fixed up and ready to sell like other homes. This presents an opportunity for low prices, but it also opens up the risk of serious problems that need to be repaired.

If you’re considering purchasing one of the many Marin County foreclosures, the first thing you should do is find an experienced Mill Valley real estate agent to guide you through the process. Not only will your realtor be able to identify all the foreclosure options in the area, but they’ll also have important information on the home’s condition and potential selling price.

You should also find a home inspector to walk through any potential Marin County foreclosures you’re interested in buying to check for any potential problems. An experienced home inspector can see beneath the surface of the home to uncover trouble spots that need to be addressed. They can look for signs of termites, pests, mold, wood rot, sagging roofs, leaning walls, plumbing problems, and foundation issues that you wouldn’t be able to see.

Another thing you should do is avoid auctions on Marin County foreclosures. Foreclosure auctions put the buyer at extreme risk as you’re bidding on homes sight unseen and without proper inspections. In other words, you don’t really know what exactly you’re bidding on. Furthermore, auctions usually require you to pay cash for the foreclosure, an option that’s not viable for most buyers.

When looking at foreclosures in the Mill Valley real estate market, never assume that the list price is a great bargain. You need to research home values in the area to make sure the foreclosure truly is a good deal. With falling home prices, many homeowners actually owe more than the house is worth, causing the bank to sometimes list the property above its actual value.

It’s also important to make certain you have financing in order before you start looking at Marin County foreclosures. Some lenders don’t like to provide loans on foreclosures because they can be too risky. Others will provide loans but only under certain conditions: house is in good condition, buyer has excellent credit, etc. Make sure you’re pre-qualified in advance so the transaction will be fast and smooth once you’re ready to buy.

The last thing to consider when buying a Marin County foreclosure is the cost of repairs that need to be done. Make certain you get estimates for exactly how much it will cost to get your house up and running to your standards. A leaky faucet here and a little mold there can start to make the foreclosure cost more than it is really worth.

Understanding both the benefits and the drawbacks of Marin County foreclosures will help you make an informed decision as a buyer. Add in the right Mill Valley real estate agent to your team, and you could end up with the home of your dreams at a price you could’ve never imagined.