The general consensus when it comes to foreclosed property is that, you can get these homes for a steal. While you can indeed get a house at a bargain when you choose to look for and purchase foreclosed property, there are a number of things you should be aware of before you do end up buying one. Not being cautious when dealing with foreclosed property can actually leave you with a house you need to spend a lot of money on before it can be utilized.

To start off, here are some tips that may come in handy when you are thinking of buying foreclosed property:

• When they say a home is to be sold “as-is”, always remember, what you see is actually what you will get – never buy a home without doing an ocular inspection, and when they say that you will be getting the house “as-is”, then keep this in mind when you do your inspection of the home. Plumbing problems, leaks, drafts and other issues you see when you check out a house will all be yours when you buy it, so don’t expect these to be fixed when you do finally purchase it. You will have to fix these issues yourself.

• Before you even decide to buy foreclosed property, get yourself pre-qualified – what is pre-qualified and how does one get it? To get yourself pre-qualified means that you are financially set to purchase the foreclosed home you choose via a pre-approved loan. In order to do this, you need to be assessed by a loan officer, and they should find that you are indeed qualified for a house loan, which they will attest to with the help of a pre-approval letter.

• Find a Realtor that is adept at handling foreclosed property – not all real estate agents know the ins and outs of foreclosures, and the work involved in dealing with them. Finding a good real estate agent who can help you with your plans for buying foreclosed property will help make it less troublesome for you.

To find a realtor that is good at finding foreclosed property for you to buy, you should check some of the realtor sites online. guamrentals.com is one such site you can check out when you are thinking of buying foreclosed property on the island of Guam. You can also find a wide array of home choices on the site when you visit.