Q: What are some benefits and drawbacks to purchasing a foreclosed home?
A: In today’s uncertain economic times, most people are looking to save as much money as possible. If you are thinking about buying a home, you may consider a foreclosure for this reason. Foreclosed homes are often sold at significant discounts, sometimes as much as 25 percent or more, because the lender wants to recover as much of its investment as possible, as quickly as possible.
Finding a foreclosed property that meets your needs, however, can be difficult and some of these homes may need quite a bit of repair work.
The most important step you can take is to find an experienced real estate professional – like me – to help you find the right house. I can provide you with a list of these properties and compare prices to other homes to make sure that the price is indeed a bargain.
It’s also important to have the home inspected. This will help you obtain financing and provide you with peace of mind that the home is a sound investment.
When you are ready to buy or sell, be sure to contact me. Let me put my knowledge and experience to work for you!