What are the dangers of buying a foreclosed home?
Written on December 4, 2009
what is the difference in a foreclosed home and a regular one? wouldn’t the Foreclosed home just be less expensive? What things should a buyer know? why is it any different?
Related posts:
- Dangers Of Buying Foreclosed Homes
- I am considering buying a foreclosed home. Does anyone have any advice from experience that they can give?
- What are the pros and cons of buying a foreclosed home?
- What is the process for buying a foreclosed home?
- What is the catch to buying a foreclosed home? Are the foreclosure lists legit?
Filed in: Foreclosure News.
We are in the process of buying a foreclosed home in Florida. This foreclosure was listed with a Realtor, but “owned” by a bank, due to the previous owners default in payment. We presented an offer through our Realtor, and within a couple of days had a counter offer from the bank. We countered back, and they agreed within a couple of days. The closing is scheduled 2 weeks from the original offer. I am not yet familiar with the actual closing costs involved, in fact I have that question on this forum. On the contract it allowed us the option of home inspections, termite inspections, anything we needed within 10 days after our offer was accepted. We also had an opt of clause if we changed our minds after getting those inspections. Now short sales is a whole different ball game. Those are the ones that take forever to get an answer. We have already tried that route…very frustrating! Foreclosures are less expensive (most of the time), but may need repair, just like short sales.
If you know your home is being foreclosed on, chances are great that you are not maintaining anything that goes wrong with it. You would definitely have to get a very good home inspector do a thorough inspection of the home.