subject: Are Foreclosed Homes For Sale The Best Deal? [print this page] Are Foreclosed Homes For Sale The Best Deal?
Just because the asking price is low, doesn't automatically mean it is a great deal. You'll usually discover significant damage has been created by the individual getting foreclosed on. If you're lucky, the damage isn't structural, just cosmetic, and rectifying it will not be too difficult. But what happens if there is deeper damage that you cannot see?
Home inspections are critical. Since the foreclosed home is almost always sold as is, which means that after you purchase it, the problems are yours. So for a few hundred dollars, have a expert go through the home, looking for problems. Don't forget that the price is cheaper for a reason. Understanding thehidden issues may save you more money than you believed possible.
There are houses, that are not foreclosures, that are priced equally well. If you want to sell your residence, you have to be reasonably competitive with the houses that are selling. Your added benefits are that you are not dealing with the banks, and the home owner most likely won't neglect or tear up the house when they are moving.
Continual maintenance on your home is what keeps it looking nice and also prevents major issues down the road. When a person is getting foreclosed on, it seems the maintenance isn't on their mind. The thought must be, why spend money and time on a house that isn't going to be theirs shortly.
We are not saying that a foreclosure in Grants Pass isn't a good deal. But instead, change your search considerations to include every home that meets your needs, including homes that aren't a foreclosure. If you do, you'll see deals on homes that are short sales and properties for sale by regular people. If you keep your eyes open, you could find a transaction on a residence other than a foreclosure.
