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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Herman Chang, Agent, Palm Beach Gardens, FL
Thu Jun 14, 2007
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.
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Bob and Shar…, Agent, Delray Beach, FL
Mon Apr 23, 2007
FSBO pricing is often determined based on emotion versus fact. The seller/owner feels (often strongly)that due to his/her efforts /contributions over the years, that the home is worth more than the market would indicate. On occassion, a house has been sitting for awhile by the time a foreclosure occurs. Understandably, basic/preventive maintenance may not have been done. The result may be some deterioration resulting in perhaps costly repairs. But if the purchase price is considered to be a good value, as determined by a real estate professional,the price with renovation/repair may still be good. Be cautious of the 'unknowns.'
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