3 Challenges When Buying a Foreclosed Home

Buying a foreclosed home can save money and be a great way to build equity. Unfortunately, with all the homes being foreclosed, banks are overwhelmed and it’s causing a lot of issues.

Today Ryan and Jennie take a field trip to a foreclosed property to look at three of the biggest issues facing people who are trying to buy and finance a mortgage on a home that was in foreclosure and is now owned by the bank.

Paperwork Delays (i.e. offer acceptance, counter offers, response times, etc.)

Property Issues (i.e. structural damage, roof problems, HVAC issues, etc.)

Title Issues (i.e. liens, taxes, late fees, condo dues, etc.)

Despite these challenges, buying a bank owned property is still a good option for many. Hopefully this information in today’s episode helps you navigate over this very rocky road.

Let’s go inside!

(click here to watch the episode on your mobile device)

Stay tuned for next week when we talk more about the real estate market and what to look for when home shopping. If you have a topic you’d like us to cover, let us know. We’ll do a whole episode on it.

Stay tuned!

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