#1
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Hire a local agent: One who understands the foreclosure process, specializes in oceanfront properties, and has a good working knowledge of the governing home-owner laws. |
#2
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Review any maintenance requirements. If you are investing in the property for income, consider hiring a property management firm. |
#3
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Research your insurance needs: If you need a wind policy, a flood policy and a general hazard policy, you should try to consolidate your insurance to one firm. |
#4
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Ensure the property you intend to purchase meets your desires. The interior of the home can always be redecorated or remodeled. Focus on the exterior and environmental surroundings of the property you intend to purchase. |
#5
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Get to know the local community and its vibe. Some areas may be suited towards younger or elder neighborhoods, take the time to get to know your local community in where you intend to purchase your foreclosed property. |
#6
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Prepare your loan & purchase options: A majority of foreclosed beachfront units sell for cash. If you don’t have the money, explore getting a loan from a local lender who understands the loan process for these types of properties. |
#7
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Verify records: Work with your agent to ensure all documents pertaining to the foreclosure are recorded with the county, this will help to ensure a smooth closing process. |
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