Purchasing an REO or HUD Property
Recent studies show that 50% of adults (out of 2,400) would consider purchasing a foreclosed home. Many aspects of purchasing a foreclosure can be scary and lead buyers away from foreclosures. In fact, the majority of those surveyed stated their reason for concern in purchasing a foreclosed home is in the number of problems these vacant properties might have.
Empty homes in neighborhoods are beacons for vandalism and theft, along with many other nefarious activities. All of this can take a toll on the home resulting in costly repairs and decreasing value – making it easy to see why some would be hesitant to purchase.
However, it’s important to note that when purchasing an REO foreclosure, you are able to get a home inspection. These are essential when purchasing a home that has been empty for a long time. Home inspections can reveal foundation, mechanical, plumbing and other issues. In some cases, banks will offer a small stipend that can be used towards repairs, which must be done prior to final mortgage approval.
Don’t be scare off from buying a foreclosed home. If you’re interested in purchasing a foreclosure, finding and using a realtor that has experience with these types of properties is crucial.
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