Anyone in the market for a new home is looking for a great deal. Chances are you may have come across some foreclosure listings in your home search, but may think going this route is too risky. Buying a foreclosure may not be the same as buying a traditional home, but it’s not as challenging as one may think. Especially if you know what you’re in for. By understanding and debunking some of the common misconceptions around purchasing a foreclosure property, you can make a more informed decision about your next move. Read on to learn more!
Common Foreclosure Myths
Foreclosed Homes Are Massively Discounted
Not all foreclosed homes sell at extremely cheap prices. Some people have the misconception that because the former owner was unable to pay his or her mortgage, by default, the foreclosed home will be sold for next to nothing.
Banks Are Desperate to Sell These Properties
It’s true that banks probably aren’t thrilled about having a foreclosed property on their hands, but they certainly aren’t desperate. The bank doesn’t actually lose anything by holding onto a property, so they likely will until they can get a fair price.
Foreclosed Homes Are in Bad Condition
Another common myth about foreclosures is that they’re likely to be gutted and trashed. While the stories of foreclosed homes missing pipes and plumbing are more likely to stick in your mind, they shouldn’t be taken as the rule for all cases.
Foreclosures Happen Fast
Unfortunately, there’s no truth to this one. Foreclosure can be a long process, sometimes taking many months. Usually, by the time a foreclosure is on the market, the process is in the final stages, but it can still take time.
Hidden Costs Associated with Foreclosure
Actually, most of the costs of buying a foreclosed property – like closing costs – are the same sorts of things you would encounter with any home on the market.
If you’re ready to consider foreclosure properties in your home search, the best thing you can do is find a pro to help you with whatever questions you may have. Give Metrowest a shout today – we specialize in these types of sales and would love to help you start the process!