Does it Make Sense to Buy a Foreclosure?
Filed under: Temecula Real Estate
If you are looking for a way to save money on the purchase of a home, then you might be looking at foreclosures that are available in Temecula. It’s true that you can sometimes find the right deal on a foreclosure, but it is important that you know what you are getting into before you make the decision if it is right for your needs.
These are a few things that you might be surprised by during the foreclosure process, and these things are typically applicable with court auctions. When you are working with a real estate agent to buy a foreclosure through a third-party auction, then some of these concerns can be avoided.
Here are a few things that you need to know about court foreclosure auctions:
Unexpected Costs
Even though you might be getting a great price on the house, sometimes unexpected costs can pop up. For example, if there are liens or unpaid property taxes, then you will be responsible for paying these costs. It’s not uncommon to have these problems on a foreclosure.
No Home Inspection
When you are buying a foreclosed home through an auction, you don’t get the opportunity to see the property before making the purchase. Additionally, you will not have the chance to have it inspected, so you won’t know the repairs that will be required until you are the legal owner of the property. As a result, you might be stuck with high repair bills to get the property into better shape.
Stubborn Tenants
Once you have purchased the home, you might find it a bit difficult to move in right away because you will need to evict the previous owners if they are still living in the home. The previous owners might be frustrated by the loss of their home, and typically don’t leave the property clean or in good condition when they move out.
Slower Process
If you are on a tight deadline to move into a new home, then a foreclosure might not be the best solution. The closing process is a bit more complicated than a typical real estate purchase, especially because there are extra approvals that will be needed from the bank before you can close on the property. Small mistakes in the process might delay the closing for as much as several weeks or even several months, so you need to be flexible with your schedule.
Whether you are buying a foreclosure or you want information about other types of real estate purchases, I am here to help! Contact me any time and I will help you find the right Temecula, California home for your family: (951) 473-0390