Thinking of buying a foreclosed property? This is an increasingly popular way for buyers to enter the real estate market or for existing homeowners to move up the property ladder. However, most real estate buyers aren’t very familiar with what buying a foreclosure involves. Here are some answers to some of your most pressing questions.
When homeowners cannot afford to make their mortgage payments, the lender can legally repossess the property and sell it, as indicated in the mortgage agreement or contract that they signed.
- Why Do I Need An Experienced Realtor When Buying Foreclosure?
A foreclosed home may also not be in the best condition and will be sold “AS IS,” which means you’ll be responsible for any problems the home has. There may be liens against the home or an undisclosed mortgage. It is critical you obtain a title search and, equally as important, you obtain a thorough home inspection before buying. Also, it can be difficult, in some instances, to get financing to purchase a foreclosure, but there are lenders that will provide the necessary funding.
At The Property Shop Real Estate Firm, Our team has over 10 years experience assisting buyers with foreclosed properties. We can help you with all the challenges involved and make sure you get the home you want, with as little difficulty as possible. Contact The Property Shop Real Estate Firm to Buy a Foreclosed Property.
- Where Can I Find Foreclosed Properties?
When buying foreclosures, including those in the Jackson Metro area , you can start by doing a search right here on this site, or by contacting The Property Shop Real Estate Firm today. You can also do a Google search online, or check out the newspaper for foreclosure listings, usually under the legal notices section.
- Can You Help Me with Buying Government-Repossessed Homes
Yes. In fact, only through a licensed real estate broker can you buy homes from the U.S. Department of Housing and Urban Development (HUD). This may be an even more affordable option for you.
In some cases, you may be able to buy a HUD-owned property for as little as $100 down, if the home is FHA insured. Otherwise, you may need between 3.5 to 20 percent of the purchase price as a down payment. The Property Shop Real Estate Firm can assist you with the ins and outs of this process as well as make sure you understand your options as a buyer.
- Is Buying a Foreclosure Worth It?
If you are looking for an affordable way to become a homeowner, invest in property, move into a larger home or to a better neighborhood, buying a foreclosure may be a great strategy. To get started with buying a foreclosure, contact The Property Shop Real Estate Firm for a free consultation to discuss all the options available to you.
For more information on Foreclosures you can view hudhomestore.com