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As the number of foreclosures on the market has grown over the past few years, so has interest in purchasing these homes. After all, it is no secret that some foreclosures can be purchased at an extremely low price. Still, before looking into purchasing a foreclosure, it is important to have a clear idea of what to expect from the process. To that end, here is a look at the top five things you should know before jumping into that new cheap condo downtown.
#1: Foreclosures Are Not Always Cheap
While it is true that some foreclosures can be purchased at a great price, you should not automatically assume the house will be cheap just because it is a foreclosure. In other words, while it certainly doesnít hurt to include foreclosures in your home search, you shouldnít limit your search to nothing but foreclosures when looking for a great deal.
#2: Foreclosures are Frequently in Need of Repair
When a home is put on the market, the owner typically makes numerous repairs to the home in an effort to attract the most buyers. In the case of foreclosures, on the other hand, the former owner has no reason to make repairs. Therefore, a foreclosure will generally require more repairs than a non-foreclosure. This is not to say all foreclosures are in terrible condition. Rather, you should go into the process expecting to make at least a few repairs when purchasing a foreclosure.
#3: The Utilities May Not be Working
In most cases, banks do not put the utilities in their name after the owner has vacated the property. Therefore, you should expect to have all of the utilities turned off long before you purchase the home. Not only can this make the process of getting the utilities turned on a more difficult process than it is with a standard home purchase, but you might face some additional unforeseen damage to the homeís major systems.
Hello and welcome to the Indianapolis Real Estate blog for ICON Realty Partners, LLC. We hope you enjoy our thoughts on relevant local and national real estate stories. We specialize in working with buyers and sellers in the Indianapolis area.
Check here often for updates and news about Indianapolis homes for sale and real estate. Our company, ICON Realty Partners, LLC, is a boutique real estate firm based in Fishers IN. We can be found on the internet at www.indyhomespecialist.com.
Thank you for visiting.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.