The question one may ask, is buying a foreclosed home worth it? Most cases you can find these homes at an auction for a very low price. You really need to know and familiar what you are doing when purchasing and can be challenging. From a buyer experience it is best to buy directly from banks or auctions owned by the banks. Auctions are sight unseen, do your homework and perform all the research that you possibly can. It is best that you must know someone that has bought these so that you can learn the tricks of the trade.
These are known as Real Estate Owned. These homes has already traveled through the foreclosure streamline. It is highly suggested to hire a home inspector. The unknown generally pops up without inspection, I.E. water leaks, roof condition, windows, air conditioner, heater or appliances not working properly.
Be careful before signing and presenting contract. There are many things you should know before buying a foreclosure home. A careful look at the property, comparable sold and condition. Damages can quickly add up and these items must be accounted for. Remember you may never know what you are getting provided you purchase around an auction, perform walk thru and again use a home inspector. Be prepared for repairs and count up the cost. It may take you several attempts to find the right home to meet your numbers to include repairs and return on investment if you plan to rent the home out. Many are out there but be very careful and take your time. If you are buying this home for a primary residence this can be challenging. If you are buying cash there will be no barriers in the way versus bank lending standards. Banks has red tape laws for a home to pass the minimum standards. Typically, all floors need to be tiled or carpeted, roof in good condition, appliances working, HVAC working. These are just some pointers to look for when making your purchase for your best interest.
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