Tempted by that sign offering a great home, at a bargain-basement price? It’s probably a foreclosure. It could be a great investment or a nightmare, depending on how well-informed you are about the risks and rewards. You’ll get the home for a good price, but it will be sold “as is.” That means you’ll probably need to make repairs. Be sure to have the home inspected so you know how much you may need to put into those repairs. Foreclosures can also be problematic because a former owner may challenge the foreclosure in court. It’s a good idea to hire a real estate attorney with experience in foreclosures. Your attorney can help you avoid a home with too much legal baggage.
For more information on buying a foreclosure, read this article from House Logic, or consider these 9 Tips for Buying a Foreclosed Home from The Lenders Network. Most importantly, do your homework and look before you leap. If you decide a foreclosure is not for you, you can find a home the time-tested way: by trusting the team at Vanguard Realty Associates!