V.I.P. Realty Corp
7942 Bustleton Ave
215-725-5700 X49 cell 267-934-1971
Most of the foreclosed transactions will be as a Quit Claim Deed so all liens and judgments will be satisfied. Take into consideration the AS-IS clause of any contract and perform your due diligence by having a Home Inspection performed prior to commuting yourself. Prepare for unexpected repairs and understand fully the project and estimated costs you are about to embark upon..
There are loans available that allow buyers to borrow funds based on the after repair value, and complete the work after settlement which would eliminate the risk I just mentioned.
With all of that said, foreclosures can also present great value for a buyer if the purchase price is low enough below fair market value (after repairs) to cover the cost of any extra fees, repairs as well as time and effort to complete the transaction AND repairs to the home. If any buyer thinks they are the only one looking to buy up foreclosures in a nice area in hopes to walk into instant equity they may have a rude awakening. With TV shows on 3 different networks showing everyday people buying, fixing, and selling foreclosures for a profit, the secret is no longer safe. Shrinking overall inventory with less and less foreclosures on the market creates a lot of competition when a great deal hits the market. So finding the right home in the right area at the right price and actually coming away the highest bidder can be a stressfull, time consuming process without help from a professional that is experienced in the foreclosure market.
Lastly, buyers who choose to purchase a foreclosure and only finance the home are left to pay out of pocket for repairs. Let's assume $20,000 in repairs and upgrades for this scenario. The next buyer chooses to buy the neighbors home, which is identical except the repairs and upgrades were completed by the sellers, it's not a foreclosure and is priced $20,000 more. The difference in the 2 buyers mortgage payment may only be about $100-$120 a month, yet the buyer with the foreclosure still has to pay for the repairs.
Which buyer would you rather be?
836 N.Easton Rd.
I would be pleased to represent you in the purchase of a foreclosed home.
Century 21 Advantage Gold