Buying a foreclosure in today's market is much like any other market in years past except that there are just a lot more of them on the market. Many have started in the short sale process but there are hundreds more in the foreclosure end of the deal.
When a home is in short sale mode it means the home owner has done all they can to pay their mortgage and now they just can't afford it. Instead of idly sitting by and letting the bank take it over they have contacted their lender and worked out a short sale plan. This means that the homeowner is now leaving the sale in the hands of the bank and taking what they can get out of the home so the homeowner can leave free and clear.
When the home is in foreclosure the banks have been forced to take back the home due to the homeowners default and non-payment for several months. At this point the homeowner has typically moved on and the home is left in a state less than desirable. This is not always the case though as there are homeowners that still leave with some sense of dignity but many have been left no other option but to take appliances, furniture and cabinetry and there be nothing left but the bones of the home.
This is not always a bad thing though. This leaves the future homeowner or buyer to customize the house as they would see fit. But, there is typically a lot more work than many first time home buyers want to invest.
If you are serious about buying a foreclosure know that they are fixers and many things can be a simple as cosmetic but it could be worse. Make sure you have a thorough inspection even if the bank states up front the home is sold "as-is" meaning they won't fix anything should you ask.
Even if they state this though, if something is severely a health or safety hazard the lender may realize they will need to take care of this no matter who buys the home so make sure you ask just in case.
The key to buying foreclosures s to have the right buyers agent on your side throughout the process. If you have someone that knows the procedure and knows how to buy and sell foreclosed properties then you are well on your way to making an informed decision.
Call us anytime at 360-687-3183 or email us below for a complete list of foreclosed homes in Clark County or surrounding areas. We want to help you find and purchase the right home, at the right place, for the right terms.