Buying a Foreclosed Home or a Commercial Multi-Family Property
April 4, 2018 All Things Smart Homeownership Great article from frameworkhomeownership.org
Are you thinking about buying a foreclosed home? It’s hard to afford a house these days, so who wouldn’t get excited about something that looks like a bargain. But the fact is, for most people, buying a foreclosure is too complicated, risky, and expensive. Sorry. This reality check comes courtesy of veteran broker and Realtor Dawn Lane, who has also earned a Short Sale and Foreclosure Resource (SFR) designation from the National Association of Realtors. Based in Las Vegas, one of the cities hit hardest by the 2008 housing crisis, Lane has more experience with foreclosed homes than she ever wanted. And she says that too often, a foreclosed home isn’t the bargain it might look like. Plus, the purchase process can be almost impossible for first-time homebuyers. We know Lane to be an enthusiastic and optimistic woman, so when she’s all down on something, we listen. Read on for the case against buying a foreclosure. If you survive this cold bucket of water over the head with your resolve intact, it’s followed by some must-do first steps. Every rule has its exceptions, and there are success stories out there! 1. The cost of repairs can far outweigh the savings The most common mistake people make when they buy a foreclosure — known as a “distressed” property — is thinking that the price is the price. The cost of repairs can easily turn your “bargain” into a money pit.
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