Foreclosure

What You Need to Know About a Foreclosure Home for Sale

Buying a foreclosed home can be a great real estate decision, but it also comes with its fair share of pitfalls. To protect yourself, you want to make sure you know what you're getting before you buy. Here's what you need to know before making a purchase.


Pros

  • Seller is motivated so you may be able to purchase the home for less than the market value. This can allow you to get a great home at a very affordable price.

  • Seller may be more likely to complete repairs to secure a sale. Your home will be move-in ready as soon as you close the sale.

  • Seller may be willing to negotiate down payment, closing costs, escrow length, etc. You could end up saving a lot of money on a home purchase this way.


Cons

  • Seller may not be able to accept a price lower than the existing mortgage balance. If they have not paid much of the balance down, you could still end up paying full price, or even more if the seller is underwater on their mortgage.

  • Buyers may have to wait 45-90 days for closing. This means you'll have to wait longer to move in, which could affect how long you must stay in your current home, or force you to find temporary housing.

  • In a foreclosure auction, cash payments are required. Depending on the price, this may hinder your ability to complete a sale.


Talk to Skywalker Group
These are just a few of the pros and cons of buying a foreclosure home for sale. For more information, or to start your search, please reach out to us at Skywalker Group today! Give us a call at 305-804-5358 or email us at info@skywalker-group.com and we'll be happy to answer all your questions!

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