What About Foreclosures?

The following is an email I received from a client:

Dear Jacqueline,
I had a question, what about looking at foreclosed homes? What are your thoughts? Mary

Well Mary, when it comes to foreclosures there are pros and cons to these properties.

The pro is that the bank is not in the business of holding onto properties so often they are priced more reasonably.

Cons are that the person did not have money to keep up with the mortgage and most likely did not keep up with the care and maintenance of the property. Also, there are times that the people who had the home, being upset with the pressures of their failing finances, may have done damage to the property prior to leaving.

One more thing…banks sell these homes “as is” with no disclosures or warranties. Here is the but…But, you may have inspections and if you find that there is more there than you want to tackle then you may cancel the contract and get your earnest money back.

If you guys go in knowing that you are going to have to do work then let’s give it a shot.

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