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Matt Pivec with The W Home Group of Next Step Realty

Baltimore Real Estate

Foreclosure: What is it and Should I Be Looking For One?

March 14, 2016 by Heather

 

fORECLOSURE

Foreclosure

So let’s just get to the punch – A foreclosure is simply when a homeowner’s rights are surrendered because of nonpayment of the mortgage. You can learn about the lengthy process a foreclosed home goes through by reading our recently published blog titled “All About Foreclosure.”

However, the bigger question is: Should you be looking for a foreclosed home when looking to buy? Well, a foreclosed home can be viewed negatively or positively, depending on who you talk to. So to help you, I have put together a list of pros and cons of buying a foreclosed home.

Foreclosure Pros:

  • Possibility of purchasing a home lower than Market Value
  • Foreclosed homes can be found at all different price points (luxury, starter homes, etc.)
  • Sellers may be more inclined to do repairs
  • Buyers can obtain inspections within standard due diligence
  • The seller must legally provide complete history of the home (repairs, damage, etc.)

Foreclosure Cons:

  • Competition from other buyers and bidders
  • Potential for costly repairs, such as maintenance
    • these repairs may use up the discounted price that you received because the home was a foreclosure
  • Potential liens attached that may need to be paid off
  • Some foreclosed homes are not in prime locations

Please note that there are a variety of advantages and disadvantages of buying a foreclosed home and is not limited to the above list. Hopefully this condensed list will provide you with the basics on what a foreclosure is, and whether or not buying a foreclosed home is right for you!


Are you thinking of buying or selling a home, or have a friend or family member who is? Contact The Pivec Group today by calling 443-692-8800 or visiting our website! We look forward to hearing from you and helping you find YOUR dream home!foreclosure

Filed Under: Real Estate Advice Tagged With: first time home buyer, foreclosure

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Next Step Realty
22 W Padonia Rd | Suite A-100
Timonium | MD 21093
Direct: 410.868.7689
Broker: 443.901.2200

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