Foreclosure fears at rest: Top tips from the experts

Most savvy house hunters today know that foreclosed homes are a growing portion of real estate available right now. In fact, consumers are searching now more than ever for foreclosures — a pattern we’ve seen on Trulia.com with 214 percent growth in searches in the first quarter of this year alone.

But, that doesn’t mean that home buyers are comfortable with the process. Trulia’s latest and greatest consumer survey by Harris Interactive told us that while consumers see the potential value in foreclosure properties, the vast majority are also worried about a process that may have potential to go horribly wrong.

So we scoured Trulia Voices to find a panel of foreclosure specialists across the country. Here’s the first installment of their TOP FORECLOSURE TIPs to put your foreclosure fears at rest:

• Prioritize your needs: Make a list of “must-haves” for your new home. The foreclosed house you choose should have some overall appeal as well as most of the items on your list.
• Talk to experts: Make an appointment with an experienced foreclosure agent. Don’t be afraid to ask a lot of questions.
• Be current: Look at neighborhood data with emphasis on real time sales. Compare current and last year’s home values to determine which way the market is moving.
• Aim high: Find out the overall value of the neighborhood in which you are buying. A foreclosure may allow you entry into a better neighborhood.
• Make inspection mandatory: Minimize hidden costs by planning a professional inspection. Don’t be afraid to get a second opinion.
• Avoid pre-stage: The pre-foreclosure/short sales stage is typically not the most profitable. You could wait weeks or even months for an answer from the lender.
• Buy at the right time: The foreclosure stage can be profitable when it goes to public auction. The best REO deals are often situations where the home has been on the market for 60 days or more.

We’d like to thank our panel of pros for their time and great advice: Bill Boone, Fabiola Fleuranvil, John Goad Jr., Tom J. Hall, Travis Houston, Patrick Mahony, Melissa Morgan and Elizabeth Weintraub.

As always, you can get more questions answered from these pros and over 30,000 others on Trulia Voices. You can even find a foreclosure specialist in your neighborhood by entering a city and keyword foreclosure. What are you waiting for?