Foreclosure in Encinitas>Question Details

J.P., Home Buyer in Tampa, FL

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

Asked by J.P., Tampa, FL Mon Apr 23, 2007

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

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As a buyer it makes sense, in this market, to explore all your options for homes, especially if your price range is limited. Short sales and foreclosures can be an important part of your home search, but be aware they can be very time consuming and may not be the great deals you hope they are. And some short sales never get finalized but simply foreclose.

Unrepresented sellers (a.k.a. FSBOs) shoud also be considered. But keep in mind that they are not represented by a licensed real estate professional, so this is a risk to you in terms of liability. Make sure YOU are represented as the buyer, in any transaction, so you have a knowledgable person looking out for your best interests as the buyer.
0 votes Thank Flag Link Wed Jun 27, 2007
The single biggest drawback regarding searches for FSBO and foreclosure can be the lack of representation and guidance the home receives. Many time this can lead to improper pricing of the property and lack of critical disclosures. The buying process can be very dangerous with both FSBO and foreclosures if you are missing representation that will prevent you from making huge mistakes.
0 votes Thank Flag Link Mon Apr 23, 2007
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