Foreclosed homes typically sell 30% less than non-distressed properties. Incredible deals can be surfaced when buying a foreclosed home because homebuyers are able to obtain a property that a bank is ready to unload. The process of buying a foreclosed home is frequently faster than buying a short sale. However, when buying a foreclosed home comes the risk of a cost to low price….meaning a potentially damaged home or one in need of full renovation. Sometimes if the home is sitting for too long, this can cause plumbing issues or potential infestations. When purchasing a home from Auction, there is not always the opportunity to see the home or inspect it beforehand, homes are sold as is. It is suggested when buying a home through the auction process to research the properties history beforehand.
For more information, tips, answers to questions, or to see what the best option for you between foreclosure and short sale purchases, contact Cesi Pagano and Associates. Schedule a free consultation.
