Foreclosures are also
known as Repos, Repossessed Property,
REO property, and Bank Owned Property.
Most people are miss
informed about how Foreclosures are
priced. The most frequent misconception
is that Foreclosed homes are priced
based on the amount the previous
mortgagor owes on the property at the
time of Foreclosure, this information is
not correct.
All foreclosed
properties are priced based on a number
of items which include but are not
limited to, current market conditions,
condition of the property, cost of
repairs to bring property back to move
in condition, and if it is cost
effective to do any and all repairs to
the property prior to putting the
property on the market, these are just a
few items used to determine the price.
With these things in mind not every
foreclosed property is a steal. Yet, for
someone that is looking to purchase a
home for there primary residence, it
could be cheaper in the long run.
All
foreclosed properties are sold as-is,
where is, and with no warranties or
guarantees.
When purchasing
a Foreclosed property there is no
knowledge of defects, or things the
previous owners may have done to the
property, other than what my be
physically visible. This is the risk you
run when purchasing these types of
property. Although there is no knowledge
of any defects affecting these
properties you are still able to have a
home inspection at your expense. Having
a home inspection can eliminate
questions of any major problems that one
may face when purchasing any home,
foreclosed or not.
If you have any
questions regarding Foreclosed
properties, please feel free to contact
me at anytime with any questions.
I would be more than happy to share any
information I can, with you to help
you better understand what to expect
when considering purchasing a foreclosed
property.
Bank Foreclosures /
