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Should you purchase a foreclosure home?

On Behalf of | Aug 28, 2019 | Residential Real Estate

Massachusetts homeowners have many options in regards to properties worth buying. When entering the real estate market, you will no doubt encounter foreclosures. Most people understand the basics of foreclosed on homes. These are bank-owned properties. To choose one of these properties comes with benefits and disadvantages. How do you know if a foreclosure is right for you?

Bank owned properties do not undergo the same maintenance that other residences may. They do not make repairs and sell the home as-is. Money Under 30 suggests that home inspections are necessary.  A home inspection provides you with an idea of what needs repairing. It can also provide you with information on the home’s worth. If you put up an offer, then you may want to make the residence purchase contingent on said inspection. You can use any issues with the home as a negotiation foundation.

A foreclosure may take longer than a traditional sale. When you purchase from another homeowner, often he or she wants to close the sale as close as possible. Banks do not have the same motivators. Banks may take longer for a number of reasons. One of the main reasons is that most banks have a backlog of work to consider. The timeline involved with your purchase depends heavily on the market, size of the bank and the bank’s workload.

A foreclosure property may turn out to be a great deal for homebuyers. Sometimes, these homes may price lower than traditional sales.

None of the above information is legal advice. It is for educational purposes only.