Foreclosures
Foreclosures
Foreclosures can offer opportunity and headaches. When you view a foreclosed property you can only judge it by what you can see. You need to always allow for what you do not see. Many times damage has been done to the plumbing, electrical and areas within the walls that do not show. A home inspection is highly recommended to find out about as many potential issues as possible.
When making an offer on a foreclosed property, you are many times in competition with other offers during a certain time period. Appliances and other personal property are not included and may or may not be there when you take possession. Extra time needs to be allowed for the closing period, generally 1-3 months, and many times longer. There is no prior history of the house with a sellers disclosure. Almost always, the bank will not correct anything on the property, so allow for that in the initial offer.
For a list of foreclosures in the area you are interested in and what you are looking for in one, please fill out the information below.
