Real Estate

Should a Buyer Want to Buy a Foreclosure Home?

Thu Mar 19, 2009 11:21 am
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You can buy a foreclosure as well as any other home on the market. The issue is if the foreclosure is in good marketable condition. Prices are typically negotiable on foreclosures because banks are anxious to get the property off their books.

Buyers should be aware that a foreclosure may carry liens that may need to be satisfied. Buyers should have their attorney check this part of the legal process carefully.

Will the lien holder agree to a whole house inspection and correct any defects? If the foreclosure is an "as is" purchase I would caution against this type of purchase.

Buyers should have a Buyer's Agent and a well qualified Real Estate Attorney before writing a real estate purchase agreement on any property.

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