Posted on: 05th Mar, 2014 02:05 am
I have heard that foreclosed homes are much cheaper than new homes while buying.. is it true?? If I intend to buy a foreclosed home for personal living, what are the factors I'll have to check before purchasing that house?
Bank foreclosures are sold at auction to the highest cash bidder this usually leaves most people out of the chance - however if no one buys at the minimum set by the bank the home becomes bank owned - often referred to as REO - these homes can come at a discount - but you should do your due diligence before eentering into a contract - the homes sometimes are in the condition they were when the previous owners vacate - other times work is done but sometimes work is dont to hide issues - I have seen all of these scenarios play out... You should go into any home and if you have questions ask or get an inspector to check it out - money spent now could save you thousands later
Good Luck let us know if you need help
Brian Barnes
ENG Lending
Nationwide Lender
Good Luck let us know if you need help
Brian Barnes
ENG Lending
Nationwide Lender