If you’re in the market for a new home, but you’re tight on money, or looking for a fixer-upper, you may want to consider buying a foreclosure. Over the last few years, there has been a surge of foreclosures here in Ohio. Although we were not affected as much as other states, it still impacted home prices here in our local market.
Because of this surge in foreclosures, there are many home buyers looking for the “best deal out there”. In some cases, this might be a foreclosure. If you are looking to purchase a foreclosure, you need to know the pros and cons…..
- Foreclosure homes are typically sold at a price below market value
- Buyers are at an advantage (if the home is in pre-foreclosure) because there is a lot of room to negotiate with the seller (who is looking to sell the house ASAP)
- If the property is already bank-owned, there is still a good chance that you can buy the home at a discounted price
- Some foreclosures are only in need of minor repairs
- The competitive prices of foreclosures means steep competition from other buyesr
- Foreclosures may be sold at higher-than-market prices if the seller is trying to pay off the mortgage
- Some foreclosures sales require same day payment-in cash
- It is not always possible to get a home inspection of a foreclosure before buying
- Many foreclosures will need extensive and costly repairs and upgrades
- Foreclosures are a hot spot for vandals and looters, so there may be missing appliances, as well as other forms of vandalism present
- Home systems may need repaired
- Buying a foreclosure can be a lengthy process
If you need help or have questions about getting started buying a foreclosure, CLICK HERE.
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