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?