-Approximately 28% cheaper than comprable non distressed sales
The benefits for most, money, far outweigh the drawbacks since distressed properties account for about a third of sales during any given month.
Why? The foreclosures all have to be on the MLS and listed with an agent, to be sold. The banks do not
want to, or have the time to deal with each buyer directly.
I would suggest you use a Buyers Agent that is experience
in selling foreclosures, this will save you alot of money and headache.
On the process: You do receive a clear title and the taxes are paid up to closing. You need to inspect the property before an offer is made, for you own information. The homes are sold as is and the Seller( the bank) will not do any repairs. (of course there are always exceptions, but this is the norm, dont bank on them fixing anything)
If you are financing, you need to discuss with your lender what type of home you can purchase.
If you are min down, the home will need to be livable, and a working home, with no major repairs, and no moisture problems or mold.
On FSBO, use a Buyers Agent, most likely the home is overpriced, and your agent will pull what has sold in the area, to help you make an offer. If a FSBO refuse to allow you to walk thru with your agent and compensate the agent, then walk away. In this market, a Seller that is not hiding any thing, and is really wanting to sell and not
just testing the market, will work with you.
Again the Best Advice is to use a BUYERS AGENT in your area that is experience.
Realty Executives Target 708-710-5374