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Buying a foreclosureBookmark and Share

Buying a foreclosure

Foreclosures in the past have been few a far between, but in today's market foreclosures and pre-foreclosures are the majority of all sales. The reason behind why foreclosures have become so prevalent is because of the decline in values, jobs, economy, and generous lending during the real estate boom. As a result homeowners could no longer afford their high mortgages on their homes, which are in many cases no longer worth what they paid or owe. Buying a foreclosure is a great opportunity for buyers but here are some things to consider.

When searching for foreclosed properties you may find that many are priced well. Be sure to consult your REALTOR® so that they may research all the facts to help determine whether the one your looking at is priced right. Foreclosure properties are also usually vacant, this has advantages and disadvantages for a buyer. Vacancy is convenient for viewing and exploring the home, but on the other hand no one is maintaining the property on a daily basis.

Response times to offers are faster than a short sale. Be prepared for some work, most foreclosures are either stripped or fixer uppers. In many cases because of pricing foreclosures receive multiple offers so there is often competition. Some foreclosures may have title issues and these can delay the closing and on a rare occasion the seller many not be able to clear the title. Foreclosures often times have liens and or code violations that the seller may need to clear prior to closing as well.

Our experienced buyers agents make buying a foreclosure easy! We know all the right things to do in order to help you to navigate the buying experience! Contact us to see the difference with our friendly, experienced, and knowledgeable REALTORS®. 

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