myths and pitfalls of which to be aware...
- Foreclosure Homes are not always under market value -
- Often, you do not have access to preview the homes thus potentially buying homes in disrepair
- Cash is often required to purchase with no promise of Re-Finance , thus tying up a large amount of cash
- if buying for investment , there is no guarantee you will sell in the future, thus an expensive on-going cost
- these companies often will Auction only one home in a community per auction, to imply that foreclosure is the only home for sale in the neighborhood. Next auction , don't be surprised if the home next door is now up for Auction.
- Bank owned homes (REO)are available that you can inspect, negotiate prices and finance on the MLS
These companies are providing an unfortunate, but honest and necessary service.
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