Posted by: islamicfinancingnews | May 4, 2014

Some great tips for buying a foreclosure with islamic home loans

Estimates place about 1 million homes in foreclosure at any given time in the United States so there’s always a good deal if you know how to look for one. Islamic home loans are a great tool whether you decide to buy residential or commercial property, but you need a bit of background to be sure you’ve got all the bases covered when you’re buying a foreclosure.

Start With A Careful Inspection

Regardless of the real estate property you’re buying, you want to be sure you’re getting a good deal and that means a home inspection. Perhaps nowhere in today’s market is a professional home inspection more important than when you’re buying a foreclosure. This will give you a list of the items you can use to negotiate a lower checklist 2price with the seller.

Get Your Financing Ready

Islamic mortgage loans are a great product to help you to stay Sharia compliant no matter which property you decide to buy, but it makes sense to have this tool in place before you start the process with the foreclosure. Of course, it’s also beneficial to take a look at your credit score and fix any problems as well as set aside money for a down payment.

Finally, you need to research the market in the same way you took the time to carefully look at your options pertaining to islamic mortgage loans.

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