You've already gotten some good advice here ... but if it's your belief that a buying a foreclosure will get you much more house for much less money, please take a look ...
Contrary to what those late-night real estate hustlers spew forth, itâ€™s a myth that anyone can simply walk right up and purchase a foreclosure for pennies on the dollar. If it were that easy, wouldnâ€™t we all be doing it? While the homes may be aggressively priced when first posted for sale, the strategy is to attract attention to the listings, and raise the stakes through a â€œbidding war.â€ In so many instances, foreclosures end up selling for more than the original asking price, and closer to market value.
Just about all of them need considerable work, well beyond cosmetic improvements ... sort of fixer-uppers on steroids. In a nutshell, theyâ€™re suited primarily for investors with deep pockets. I work with several, and see firsthand what these places go for, as well as what it takes to get them into livable condition. It can be pretty serious money.
The terms of a foreclosure sale alone should be sufficient to drive all but the most sophisticated buyers away â€¦ â€œas-is, where-is, with all faults and defects.â€ Bottom line: itâ€™s yours as it sits. In most cases, thereâ€™s an opportunity to inspect the property and void the transaction, but only after a contract is signed â€¦ and since the homes are generally in pretty rough shape, itâ€™s imperative to have all major components checked out by experts: roof; foundation; under-slab plumbing; structural integrity; electrical; HVAC; drainage; insect/rodent activity, etc. The cost of these inspections is totally on the buyer, and is not reimbursable, irrespective of whether the sale ever closes. Further, in virtually no instance will the lienholder/seller make any allowances for repairs â€¦ â€œas-is, where-isâ€ sums it up.
Ironically, you can likely purchase a great property in much better condition for about the same money â€¦ possibly less, considering what youâ€™d have to spend to get most foreclosures into shape. Iâ€™ve had many instances of buyers looking for bank-owned property. In virtually every case, they ended up purchasing a great home in a more traditional manner, and never regretted it.
It will be my pleasure to work with you toward finding that special place which best suits your familyâ€™s needs. My services and expertise come at no cost to you as a buyer. I trust that this helps. If I may be of further assistance, please feel free to contact me. I look forward to hearing from you.