What do you mean they took the toilet?: How much do you know about foreclosed homes?
With so many foreclosed properties on the market these days, more and more people are curious about what they need to do to buy these repossessed properties. Take this quiz to see if you're ready to purchase a foreclosed house.
It's best to start looking at foreclosed properties when?
whenever you start considering purchasing a new home
after you've been preapproved for a mortgage
True or false: Buying a foreclosed property is always a good investment.
It depends if you're flipping the house or you plan to live there.
Before buying a foreclosed property, it's a good idea to do what?
Find a real estate agent who specializes in repossessed homes.
Buy furnishings for the new house.
Take out as many loans as possible to help with the purchase.
Where can you buy foreclosed homes?
at an auction
from a bank
both of the above
True or false: Foreclosed properties are almost always in good condition.
It depends on what area of the country you're talking about.
What should you always do before buying a foreclosed home?
Find a good contractor who can help you renovate the home.
Find out how long it's been on the market.
Find a new roommate.
True or false: You'll always get the best deal on a foreclosed house at an auction.
What government agency sells foreclosed properties?
Department of Education
Department of Justice
Department of Housing and Urban Development
Buying a foreclosed house is only worth it if you intend to flip it.
Buying a foreclosed property is easy even if you have bad credit.
It depends what state you live in.
What may be damaged or missing in a foreclosed home?
the plumbing pipes
both of the above and anything else, from floorboards to ceiling tiles
If you want to flip a foreclosed property, you'll be able to make more money if you do what?
Fix major problems, like structural damage and roof leaks.
Add premium upgrades, like a swimming pool.
Add more bathrooms. People love bathrooms.
True or false: If you buy a foreclosed property, there's no need to get an inspection.
It depends how many stories the house has.
When looking for an inspector, find one certified by what?
National Association of Home Builders
American Society of Home Inspectors
National Association of Realtors
True or false: Because foreclosed houses are often affordable, you should always buy a home rather than rent.
True or false: Verbal agreements are just as valid as written ones when buying a foreclosed property.
It depends if it was a pinky swear or not.
If you're interested in becoming a professional house flipper, you should start by doing what?
buying one foreclosed property to flip
buying multiple properties to flip
investing in gold
If you love DIY projects, ___.
Buying a foreclosed fixer-upper is a good option for you.
You should stay away from foreclosed properties.
Renting a house rather than buying is a good option for you.
True or false: The price listed on a foreclosed property's for-sale sign covers the total cost of buying the home itself.
It depends who put up the sign.
Before buying a foreclosure property, you want to make sure of what?