![]() Many foreclosed homes have been vacant for a long time before the listing agency places them on the market for sale. The risk of problems arising from that vacancy may leave buyers disillusioned when they finally have a chance to visit the homes they are considering.Īlso, in some foreclosure situations, the previous borrower may not have maintained the home adequately and there may be missing or damaged items throughout the home. Sometimes foreclosure homes are referred to as buyer beware, because they are almost always sold as-is. This leaves average home buyers with opportunities to save a significant amount of money if and when they find a home that works well for their current situation. Some of the higher-quality homes in affluent areas are sold immediately, perhaps even before they are officially listed for sale. Obviously, the government does not want or need this surplus property. Therefore, the government usually sells the property to a company which specializes in the sale of foreclosed properties. These agencies are located across the country and list thousands of homes for sale. Understand that when you seek information about a home being sold through a foreclosure sale service, your realtor will probably need additional time to find the answers you need.Ī foreclosure is almost always a home that was purchased by a buyer with a federally insured mortgage. The buyer then defaulted on the loan and the home went into foreclosure. Because the borrower's mortgage was federally insured, the insuring agency was required to satisfy the remaining balance of the loan, in essence buying the home from the lender. Potential buyers usually want more information about foreclosed homes than what is available. Logistically, the process of searching for a foreclosed home is very similar to that for any other home. Specific listing services provide information to potential buyers, and realtors receive additional information that they can share with potential buyers. When realtors show potential buyers foreclosed properties, they should make every effort to convey the difficulties that a new home owner may experience once the sale is complete. If you are considering the purchase of a foreclosure property that may be too large of a commitment for your lifestyle, a good realtor will be honest and share his or her concerns with you. This is because good realtors want their clients to be happy with their purchase, and therefore try to ensure that each client is making the best decision for his or her particular circumstances. Realtors have access to listings of foreclosed homes being sold at prices that are extremely competitive in today's housing market. Bargain hunters and first-time home buyers alike almost always have questions about the value of buying foreclosed homes.
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