Washington DC real estate listings and homes for sale, home buying, home selling information

Do- Your homework. Search reputable online databases such as Realty Trac.com for foreclosures. When considering unfamiliar areas, research neighborhoods, schools and market prices.

DON'T- Buy property at auction unless you are comfortable with substantial risk. Auction properties may be in poor condition or have liens against them that will cause you legal headaches. Buying bank-held foreclosures is safer.

DO- Drive a hard bargain. Generally, a foreclosed property should be at least 20 percent lower than similar homes. If there's a glut of foreclosures, you may be able to negotiate an even better price.

DON'T- Make an offer before inspecting the home. Look for water or insect damage and structural problems. Hire a professional to check electrical, plumbing and HVAC systems. If major repairs or upgrades are needed, ask a contractor to estimate costs.

Do- Work with a real estate agent who is experienced in foreclosures and can access multiple listing service data.

Do- Get financing before you shop. Lenders offer loan prequalification, which may give you greater bargaining power.

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