There are opportunities and challenges in purchasing a foreclosure. Understanding the process is key to a successful closing. Buying a foreclosure is not your typical real estate transaction in many cases.
Possible Challenges when Buying a Foreclosure
- Closing could be delayed due to title issues, liens, and code enforcement issues.
- Inspection issues may become the responsibility of the buyer. In many cases, the lienholder is not prepared to make repairs.
- At closing, keys, garage openers, community keys, etc might not be available.
- Some of the homes have been neglected for a long time so repairs can be more extensive.
- The best foreclosures can be in demand and prices are bid up over asking price.
Possible Benefits when Buying a Foreclosure
- The property might be a great value.
- Many are good buy and flip opportunities.
Are you ready to see the Foreclosure Opportunities?