After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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If you finally found a home that you like after looking at dozens of homes, you may be surprised to find out that it's a foreclosure. You shouldn't let this scare you off of the property, but a foreclosure does mean that you'll need to know the following things about the property as you get ready to make an offer and secure financing.
Foreclosures Will Be Sold As Is
Since the bank owns the property that is being sold, it's common for foreclosures to be sold as the previous owners left them. With foreclosures occurring because the owners were not able to make their mortgage payments, chances are that the owners may have taken all of the expensive appliances out of the home, not repaired damage, or even intentionally created damage because of their anger over the situation.
It is very unlikely that you'll find a bank selling a foreclosure that will make concessions to compensate for these types of things. Be prepared to have to deal with the problems that you notice when walking through the homes for sale.
Foreclosures Can Be Hard To Secure A Loan For
With there being more problems with the foreclosed home, you may have problems securing financing with your mortgage lender. They view the necessary repairs as an additional expense that you have to pay, which may make it hard for you to make your mortgage payments. If you end up foreclosing on your own mortgage before all repairs are made, then the bank will inherit all of the problems you did not deal with. This makes the property seem like a risk to them.
If you can pay for the home in cash, then you obviously do not need to go through a lender and can buy whatever home you desire. If not, look into loans designed for purchasing foreclosures. The 203k loan will be an option that supplies financing for the home purchase as well as financing for the repairs you need to make.
Foreclosures Have Low List Prices, But Can Sell High
It's very common for a foreclosed home to be listed low to very quickly attract a buyer, but the home does not always sell for the list price. Sellers will often make an offer above list price knowing that the home is undervalued. Be prepared to make the best offer you can rather than going in right at the list price, or else you could risk not getting the home.
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