Foreclosure Purchase

[April Link]

Purchasing a foreclosed property can be an affordable way to get into the housing market. Yes, the price may be right, but don’t rush in headlong without some considerations. There are reasons why the home was foreclosed upon, which may or may not be obvious to you as a potential buyer. Sometimes decent people who care about their property are thrust into difficult situations and lose their homes, but other times, the property was never truly affordable for the owners, so they may have taken shortcuts on maintenance or neglected the property outright. This is relevant to you as an investor because damage and disrepair affect the property’s resale value. As a homeowner, it means money out of your pocket to fix it yourself. Know your financial limit then get a Home Inspector [REMOVED] to look at the house with you and determine what repairs would be necessary to live in the property or the cut that they will gauge in your resale profit.