Whenever I have a buyer that is interested in looking at foreclosures, I always make sure that they're aware of all the dangers involved.
Of course, the word danger may be a bit of an over-statement, but my speech to the buyer is always the same. Don't expect this to sail right through with no issues. Many times, the buyer will be using FHA financing, which is always fun on a foreclosure. Especially when the home has been winterized, and the electricity is turned off. Many times, the mortgage company/lien holder will not pay their share of the transfer tax, and will not pay to have the utilities turned on for any inspections. Of course, if the buyer wants them turned on, they also have to sign an addendum stating they'll be responsible for any damage that may occur to the home from leaking pipes. The list goes on and on...
If you're a buyer interested in purchasing a foreclosure, give me a call so I can guide you through the process. I'll guide you around all the different issues that may come up, and get you into that home you've always wanted!
Good morning Brad,
And the list goes on(!) Great points for consumers to be aware of, and why they need an experienced agent to work with. Thanks for sharing, have a wonderful week!
Great advice Brad.... Foreclosures almost always have a surprise or two.
Wonderful advice Brad, all these short sales and foreclosures have some type of pit fall in the process.
Thanks for the comments, Lisa & David!
Closed two last week that I didn't think would ever close. One was a VA foreclosure, which added a whole other level of complication to the mix.
Todd - Truer words were never spoken. Thanks!