Halley S., Home Buyer in New York, NY

What are the benefits or drawbacks to expanding my home search to include FSBOs and foreclosures?

Asked by Halley S., New York, NY Mon Apr 23, 2007

How does the buying process for foreclosures or FSBOs differ from homes sold by agents?

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If you are going to work in foreclosures in the Palm Beach County area, I would recommend working with a real estate agent and attorney to vet the properties you are interested in. With foreclosure auctions, you must know the process involved in the online auction and have cash for the full purchase amount (due the day after auction).

I work with investor clients to evaluate and bid on Palm Beach foreclosure auctions http://(www.mypalmbeachclerk.com).

Cristyle Wood Egitto
Real Estate Associate / REALTOR
A Perfect Location
0 votes Thank Flag Link Mon Oct 22, 2012
One drawback of foreclosures is that you will not be able to finance it. The county will require full payment by 5pm. You should look at pre-foreclosures. In this situation you're able to finance the purchase. Working with FSBOs will require a lot more work on the buyers side.
0 votes Thank Flag Link Sat May 19, 2007
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
FSBOs and Foreclosures require the buyer to be constantly aware of the necessary conditions of the property. Buyers must review the property condition, be prepared to accept properties 'as is' and be determined to accept conditions of the seller that may not be desirable.
0 votes Thank Flag Link Mon Apr 23, 2007
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