Buying a Foreclosed Home

Foreclosed homes can be a great way to purchase a nice home that is much less costly than its comps.

Although the volume of foreclosed homes has slowed down in recent months (excellent news) there are still bargains to be found.

However, if you have a weak stomach or are a first time home buyer, or perhaps don't have the money required to renovate your purchase, you might want to reconsider buying a foreclosure.

Often, foreclosed homes are in poor repair and some of them are downright money pits. Remember the old saying, "if it is too good to be true, then it usually is."

This holds true for foreclosures also. Normally, the lower the price of a home, the more repairs will be required to make the home habitable and one that you'll be proud to call home.

Foreclosed homes have typically been sitting vacant for several months into several years. As the home sits and weathers without the necessary upkeep, the future repair costs will continue to mount.

Here is a link to our website if you're searching for Ohio foreclosures. (or traditional homes)

http://www.swohiorealestate.com/idx

Too often, I find that first time home buyers will want a "move-in-ready" home, but their budget says, "buy a home that is much less costly than the others". What these buyers fail to realize is the items I've mentioned above and that's where my expertise comes into play, EDUCATING the buyers!

If you still have your mind set on buying a foreclosure, then you need to get yourself prepared to spend a lot of money on the purchase. Repairs can be financed into the purchase, but the buyer cannot do the "appraisal required" repairs themselves. 

If you have any questions or further interest in my help, simply let me know.