Foreclosed homes are some of the best home purchase deals you can find but….

that doesn’t mean that you should throw caution to the wind when considering purchasing a foreclosed home. In fact, some foreclosed homes can end up costing you more money (or headaches) than they’re worth. Here’s what you need to know about purchasing a foreclosed home.

Foreclosed Homes are a Diamond in the Rough

The first thing to understand is that foreclosed homes are often in a rough state. This may be partly due to the fact that the previous owner was unable to make their mortgage payments, and therefore, couldn’t afford the upkeep either.

Or it could be that the previous owner was embittered about their home being foreclosed on and abandoned the home, or even outright vandalized the property.

These are some of the main concerns when it comes to the condition of foreclosed homes:

Run-down and unclean
Poorly Done or Incomplete Renovations
Mold and Water Damage
Items Left Behind or Removed
Purchasing Considerations with Foreclosed Homes
Financing Issues
No Seller Disclosures
Fierce Competition

Getting A Good Deal On a Fixer-Upper?
Foreclosed homes aren’t your only option for getting a good deal on a fixer-upper! Did you know that there are home loans available specifically for renovations? Contact us today to learn about renovation or Investment home loans and you’ll see that getting a deal on a fixer-upper isn’t such a headache after all!