A note about Foreclosures.....

Buying a Foreclosure – It’s not for Everyone……..  

Purchasing a foreclosure can be tricky. The purchase price might give you a sense of savings but what you Don’t know about the home can cost you dearly.   A foreclosure is, basically, for sale As Is.  Unlike most homes for sale, a foreclosed home for sale doesn’t come with a Seller’s Disclosure.  So, unless you have an awesome inspector and get more than just a general inspection you may be in for a big surprise after you move in.  For whatever the reason, the bank now owns the house.  Generally speaking, they will not repair or replace or offer contribution toward repairs. Some exceptions can be something that would cause denial of loan such as mold, fungus, wood rot and certain other issues – a topic to discuss with your lender if you are considering the purchase of a foreclosure using a mortgage loan.   Do your research and understand all that is involved in purchasing a foreclosure before making the decision to so.