With numerous homes in each neighborhood going into foreclosure or are on short sale list and short sale lists, there's never been an opportunity to grab an opportunity to buy a home. However Lahore smart city, these deals can have a host of very expensive problems.

Just ask Mike Williams of Dever. Williams went through more than dozen homes before taking advantage of the opportunity to purchase a short-sale home at a discounted price which seemed liked a good deal at the time.

After spending $42,000 on renovations, he feels very different.

Williams Private home inspector informed him that the house he was short selling that he was looking to purchase was fine and just suffered a tiny bit of termite damage on the lower level. However, when Williams took off the vinyl to repair a soft spot in the floor of his bathroom, he noticed that the damage was more.

"The Joists that supported the floor in the bathroom and kitchen were completely eaten from termites" Williams says. We must not forget that the kitchen sink did not drain out anywhere. The water was poured openly beneath the house.

Williams ended in replacing a complete wall in his house. We'll go back prior to when Williams replaced his entire roof which was leaking, and there was a significant amount of hold had spread. Williams ended up throwing over 9,000 pounds of debris out from his home and onto the dump.

There is a myriad of properties on the market with a lot of incentive to sell. Most people who are selling in the market that is declining are those who are forced to sell.

Although they must sell, you don't need to purchase. Find out what you're getting yourself into before you go into the foreclosure process or a short sale. When you are buying a short sale be aware of these five most common mistakes.

1. The temptation to fall in love with a bad house.

2. Doing nothing to avoid information regarding insurance and legal requirements.

3. Doing not have a home inspection.

4. Inattention to property issues.

5. Too little time to prepare for closing.

Also, short sales could be extremely profitable and cost-effective method to buy the home of your dreams. Make sure you do your research before buying. Any oversight could cost you thousands down the road. I suggest getting two or perhaps three opinions on the property before you sign on the"dotted line. Do not take the owner at their word. Many times , they will tell you that they will do anything to get the property out of their hands.