If you’re looking to buy a house but are struggling to find something in your price range, a good idea is to buy a foreclosed house. Foreclosed homes can often save you a lot of money and more often than not it can be an overall better experience than dealing with a homeowner. Of course, foreclosed homes come with plenty of other potential problems and warning signs than buying a regular home, so there are some things to be aware of. Here are a few tips to help you buy a foreclosed home.

Find An Experienced Real Estate Agent

As with the purchase of any house, having an experienced real estate agent at your side will make the process much smoother. That likely isn’t enough though. Not only do you want to have an experienced real estate agent, but you’ll want one who is experienced in dealing with foreclosed homes. If you can, try to find one who has training in the area of foreclosures, such as having certificates such as the Certified Distressed Property Expert or the Short Sales and Foreclosure Resource designations.

Be Sure To Look At Comps

Before you go and make an offer, you and your real estate agent will want to take a look at comps. What this means is that your agent runs a comparative market analysis, and then you can get a better sense of what other comparable properties have been selling for lately.This will give you the ability to put down a competitive offer. Occasionally foreclosures will be priced too high so you’ll likely want to lower the price. By finding comps, you can make an appropriate offer and not try to get them to cut the price in half.

Be Prepared For The Home To Be Sold “As-Is”

One of the big catches with buying a foreclosed home is that you’re likely going to have to buy it in its current condition. With traditional homes, you’re often able to negotiate with the  homeowner certain things that will be fixed before you buy the house, such as fixing a roof. With foreclosures, this usually isn’t possible and sellers can’t guarantee that the property won’t have damages. Be sure to get a home inspection done, as they can let you know exactly what might be heading your way when you purchase the house.