3 Things To Know About Foreclosed Single Family Homes For Sale

Real Estate Blog

As you begin your search for single-family homes for sale, you will notice foreclosed homes. Foreclosed homes can be a fraction of the cost compared to other homes with the same amenities. Before you decide to go with a foreclosed home option, there are a few things you should know. These key points will help you narrow down the right foreclosed single-family home for you.

As-Is Property 

Many of the homes that are marked as a foreclosed home come in as-is condition. This means that you may find damages to the home that are not repaired. You may also find items in the home that were left behind. You will need to pay out of pocket for the clean-up as well as for the expenses to make the necessary repairs to the home. You may also find that there are issues that are not disclosed during the sale of the home. This is due to the issues not being disclosed by the owners who went through the foreclosure.

Bank Quick Sales

The foreclosed single-family homes for sale may be listed at a lower cost because they are on a bank quick sale list. This means that the bank is trying to sell the home as quickly as possible to avoid losing more money on the home. The houses are priced to sell and to move quickly on the market. Bank quick sales differ from property to property. Make sure to meet with your broker to discuss how the specific bank quick sale

Extra Costs and Fees

Foreclosed homes are more likely to come with extra costs and fees. For example, you may have a fee for inspections. There may be extra fees for deposits, repairs, and closing costs. You can find out about the extra fees and costs associated with the home through your broker. They can develop an itemized statement and go over each fee with you. Depending on the amount of repairs necessary to the home, you may also be facing high repair costs before you can live in the home.

Before you settle on a single-family home for sale, ask your broker for a walkthrough.  Make sure to write down questions you have during that walk through. Ask if you can record the walkthrough to review later, especially if you are considering other homes. Schedule a consultation with your broker following the walkthrough to discuss any questions or issues regarding the home. 


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