What is your experience with buying a foreclosed home?
Written on November 30, 2009
Me and my wife are considering purchasing a foreclosed home because they are priced so low. However, we fear that we might run into problems down the road. We don’t want to buy a home and then find out three months later that we have to dump a bunch of money into it to make it livable. I’m looking for the experiances (both good and bad) of people who bought foreclosed homes.
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Filed in: Foreclosure News.
this is a great time to buy however you have to be prepared to fix a lot of problems… my mom bought a foreclosure not too long ago and it needed plumbing, electrical,a new central air unit, and much more plus small details to make it feel homey. You have to remember most of these homes have been just sitting vacant for some time..i dont know where you live but another big issue in the south are roaches..
you cant get rid of those! Good luck to you!
Do not buy any property without first having it inspected. Your offer to purchase should have a 10 day inspection period that allows you to go back into the house with a certified inspector. This should help you determine what problems you have.
Foreclosures can end up being a great deal, but you must have patience. It is often a longer process and involves more paperwork, but if you have a good agent and do not need to move ASAP, then you might want to give it a try.