When you decide it’s time to buy a home, you’re charging yourself with one of the most exciting processes you’ll go through in your entire life. Whether it’s that first home, or a new palace for your family to move into, your new home should be an exciting purchase that you’re excited to move into. Finding just the right home is a huge part of that, and even more important than just locating your dream home is making sure you can actually get it purchased. Given the recent trajectory of our national economy, it’s easy to understand why so many people are going after foreclosed homes as an inexpensive home-owning solution. Some investors are even buying foreclosed homes on the cheap to rent them out and establish some residual income.
Whatever your motives, buying a foreclosed can be a great thing, but it also comes with its fair share of irritations. We’ll talk about some of the plusses and minuses that go with your foreclosed home purchase, so you can have a bit easier time determining if it’s a decision that’s right for you.
First, the positives. A foreclosed home can seem like a heavenly voice booming down from on high when you and your family are really in a pinch. Unlike homes that are put on the market by the owner, foreclosed homes are typically ready for you right then and there, and are a fantastic solution for when you find yourself in a really urgent situation that absolutely demands a situation.
The other advantage, and probably the most obvious one, is the high potential for an awesome bargain. If you’re even remotely interested in purchasing a foreclosed home, then it’s almost guaranteed that this is because you’ve heard that they are significantly less expensive. This isn’t always the case, but when it is you can really score big on some great real estate.
Foreclosed homes do have their share of negatives, however, and one of the most obvious ones will be the cosmetic state of the property itself. Individuals who have their homes foreclosed upon aren’t typically the most responsible type of people, so don’t be too surprised if the interior and/or exterior are kept in a condition that’s less than pristine. There’s a difference between a fixer-upper and a complete and total disaster. You want to make sure you’re avoiding the latter, of course.
The other downer associated with buying a foreclosed home is that sometimes the transaction is too quick for financing to process. If you’re relying on something like this to make the purchase, than the quick turnaround time might be a dealbreaker. Even if you’re using the best online estate agents to broker the deal, you still can’t spend money you just don’t have yet. Now that you have these things in mind, you’re ready to make the most out of a foreclosed home, and have a great new place for you and your family.