Are there downsides to buying a foreclosure?
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Are there downsides to buying a foreclosure?Everyone around me seems to be interested in finding foreclosures. Are there any hidden downsides that I should know about? Read the Answers | Post Your Own Answer
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 | Yes and no. Two types of foreclosure purchases can try your patience: short sales and REOs. A short sale is where someone is selling their home to avoid the final foreclosure, and REO means real estate owned (which just means lender owned). In both cases you will be dealing with the bank, who can be difficult. They want what they want.
Do some research on how you want to make money from this property. There are some blog posts here that will help you with this. You are going to be tying your money up in this investment, so understand what you are doing.
Hire an inspector, or learn how to evaluate a property. You will always find little things with any house, but foreclosures, at times, need more attention. |
Answered by Frank Schulte-Ladbeck on January 26, 2008: Profile | Contact | Website
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