Why a forclosure may NOT be for you...
"Skip, we have decided to buy a house and we want to get the best deal, so should we buy a foreclosure?" Yes they should be considered...just a couple of things to note. Foreclosures typically are sold as is where is. This means you need to keep in mind what type of financing you are trying to use to purchase the property with. Quite a few of your lenders are going to expect the property you are purchasing to be move-in ready. Does the home have flooring? i.e. carpet, tile, etc., a stove, and lighting fixtures. Has the exterior AC unit been stolen? Are there any broken windows? We can ask the lender to provide the missing items and to get the repairs done before closing. However, I have found in the past it is a better plan to get a loan type that will allow you to close on the property with all it defects and then get the repairs done after you close. Typically the repair costs are rolled into the price of the new loan. If you are under a time crunch and need a short close time, a foreclosure may not suit your needs because many are now typically taking a minimum of 45 days to close. If you run into a issue it may take even longer. We are not dealing with time frames of short sales here, but they have a history of taking much longer. If you have the time and an experienced agent, I would recommend foreclosures.
Plum Tree Real Estate Marketing