Buying foreclosed home can be a profitable endeavor if done properly. There are deals to be had! Foreclosed homes are sold “as-is”, so due diligence is very important for this type of real estate transaction. You have to know your local market inside and out and find a trusted real estate agent to help you navigate the process.
Challenges of buying a foreclosed home:
- Competition. Many investors offer cash with no contingencies. That’s hard to beat.
- Home condition. The bank is not required to disclose information about the home. It’s important to learn as much about the home as possible before bidding. Previous owners may have trashed the home.
- Hidden costs. Foreclosed homes often come with repairs, delinquent back taxes, and other liens.
Foreclosures can be tricky. Contact one of our agents at Right Size Realty with questions about foreclosed homes or to help you sell or purchase a home.
Rodney McCoy 601.383.1019 rmccoy@rightsizerealty.com
Jamie McCoy 601.259.0461 jmccoy@rightsizerealty.com
Andrew Tyre 601.842.4270 atyre@rightsizerealty.com
April Fedric 601.955.5332 afedric@rightsizerealty.com
Paul Tyre 601.709.9002 ptyre@rightsizerealty.com
Dianne Nelson 601.421.7094 dnelson@rightsizerealty.com
References:
Cartier, B. (2022). Risks and Rewards: Buying a Foreclosed Home in 2022. STRESSA. Retrieved from: https://www.stessa.com/blog/buying-a-foreclosed-home/
Segal, T, (December 20, 2021). Buying a Foreclosed Home. Investopedia. Retrieved from : https://www.investopedia.com/investing/buying-foreclosed-home/