Buying a Foreclosed Home Drawbacks

 

Previous owner neglect and damage:

Often owners that are in foreclosure do not properly maintain the foreclosed home and may even intentionally damage or ‘strip’ the house before vacating.

Mold

Be cautious of mold issues, especially in humid climates. Often, previous owners or banks will not keep electrical power on and therefore, the air conditioning will not be running; this may lead to mold issues.

‘As Is’ contracts

Banks will usually sell a foreclosed home with an ‘As Is’ contract which will usually provide for no recourse for the buyer even when title defects arise. This could include the possibility of an inappropriate foreclosure (example: ‘robo-signing’), which may lead to a title issue.

Regret

In search of a ‘good deal,’ don’t settle for a home you will later regret. Often, the difference in price translates to only a small amount in your monthly mortgage payment, say $75/month.

There are other options. Let me talk to you about them. Contact Troy Elston at West USA Realty. 602-740-1035

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