Aruna Jyothi, Home Buyer in Houston, TX

How safe is it to go a foreclosure homes?

Asked by Aruna Jyothi, Houston, TX Fri Feb 1, 2013

This question was asked from this property:…

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Hi Aruna, there are some foreclosures that end up becoming a good deal, however, not all are like that. You do not get too much information about the physical facts on a foreclosure until after you conduct an inspection. Unfortunately everyone seems to think that foreclosures always end up being a bargain, however, that is not true. If you understand from the beginning that there might be additional costs to the price you negotiate on, you should consider them. As Mr. Geffon mentions there are times when you end up paying more in repairs than initially anticipated when you are offering on the home.

I have been fortunate to get some good deals for my clients on foreclosures before, but that is just a coincidence. I have seen many foreclosures that are in poor condition that would make no sense getting into. Many foreclosures have bashed walls, and are pretty badly abused. Since you seem interested, I think you should check out a couple of them so you know firsthand what they are all about.

Are you a first-time home buyer? Call or email if you have any questions.

0 votes Thank Flag Link Sat Feb 2, 2013
Aruna ...

Please see my reply to your other inquiry ... it should explain things in a bit of detail.

You are taking a chance buying a foreclosure ... I don't recommend them to anyone other than experienced buyers with money in the bank. If you're looking for the deal of a lifetime, a foreclosure isn't necessarily the way to go ... in fact, it could wind up costing you more, once you've invested in the repairs and updates (they are sold "as-is, where-is").

I'd really like to discuss your wants and needs with you. Please get in touch, so that we may begin the process of finding the home that works best for you. I look forward to your reply.

Regards ...

Al Geffon
(713) 213-6350
Web Reference:
0 votes Thank Flag Link Sat Feb 2, 2013
Foreclosures are risky. However, you have a chance to do a full inspection before you purchase. I would suggest looking closely at what you are getting into before you make an offer.
Please let me know if I can help
Remax 360
0 votes Thank Flag Link Fri Feb 1, 2013
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