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Dos and Don’ts of Buying a St Louis Home or Condo in Foreclosure
Whether you're looking for an investment property or a home for your family, a foreclosure might be a good deal for you. However, buying a foreclosure is different from buying a home from a seller and requires different considerations.
Before you sign a contract, consider what you should and should not do when buying a St Louis home or condo in foreclosure.
•· DO consider the cost of repairs. Foreclosures are sold "as is." That means the bank will not make any repairs to the [city] home in foreclosure before closing, so you will be responsible for them. For example, if the home needs a new roof, make sure you have enough money to pay for it.
•· DO get a home inspection. In a traditional home sale, the seller is required to tell you about any defects or problems they've had with the home. However, a bank does not have to supply a disclosure statement because they have not lived in the house and do not have any information about defects. Make sure you hire a professional home inspector to check the structural integrity and condition of the home.
•· DO be prepared to wait. Buying a foreclosure usually takes ... more
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