Buying a Foreclosed Home? Buyer Beware!
There are alot of “quick sale” homes on the market right now. If you are considering purchasing one, there are some things to keep in mind as you weigh the risks.
- You are purchasing the home as is. There is NO requirement for disclosures on a foreclosed home. This opens you and your money up to liability.
- Financing may not be that easy. Getting a mortgage without an inspection or appraisal can be difficult or impossible.
- Disgruntled previous owners. Chances are the previous owner or owners are not going to be happy about losing or leaving their home. Don't expect them to make it easy or pleasant.
- No Warranty. Foreclosed homes do not come with any kind of warranty!
- Evicting the occupants. You may find yourself in the very awkward and uncomfortable position of having to evict the previous foreclosed owner; tenant or whomever may be occupying the property.
- Limitations. Like with all previously owned homes you are limited to the features and tastes of the previous owner. Burnt orange Shag carpet and lavender flowered wallpaper not your style?
Factor in the maintenance costs, your health and safety, and the energy efficiencies you get when you buy a newly built Hayden Home and the risks you take to save a few bucks up front on a "quick sale" don’t seem as attractive.
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