There has been a lot of news over the past several months about all of the foreclosures. At The same time, there are the agents promoting the purchase of foreclosures for the “biggest deal”. I have had several clients want to simply purchase a foreclosure. The dont even want to look at any other homes on the market. Here are some things you can consider.
1. Alot of sellers that are in foreclosure don’t have realistic expectations of what they can get for their home.
2. Foreclosures are not always in the best condition.
3. You are not necessarily going to get a huge deal on the property.
4. Most offers on foreclosures take at least 6 weeks to get an approval
5. The their is not control as far as the offer goes. The bank holds the cards
6. There are many similar homes that are in the same price range.
7. It sometime can be saddening to see sellers give up one of their biggest investments.
In all, yes you can sometimes get a good deal. But you really have to weigh your options. You have to take into consideration all the time and headaches you will waste. There’s stress and your get impatient. But there’s no guarantee. I have dealt with many offers that I knew were great offers but the bank still rejected them. The banks don’t counteroffer, so if you decide to give them more money, you have to start the process all over again. It can be very draining and you could be missing out on another great property.