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Buying a Foreclosed Home

by Anna Peña

If you are thinking about buying a new home, you have probably noticed that there are foreclosed homes on the market. There can be some advantages to buying a foreclosed home, but there are some definite precautions you must take into consideration as well.

Don't Miss your Opportunity to Save

A foreclosed home is a home that the owner was no longer able to make their mortgage payments to the lender; therefore, the lender is able to repossess the home. At this point, the home now belongs to the lender, typically a bank. Because the lender wants to recover as much of its investment as possible, houses that have been foreclosed sell for significantly lower amounts compared to other houses on the market. Not only can the buyer save money, an overwhelming amount of the time the title will be clear and the house will already be vacant making some steps of buying a home run more smoothly. According to Arturo from El Paso, Texas, buying a foreclosed home finally gave him the opportunity to buy his first home. He states, "It was an ideal time for me to buy a home because I couldn't pass up the low price tags some of these houses had. I made sure not to make any decisions without doing my homework, but in the end I got a beautiful house for my family and me to live in."

Consider the Risks

Although you may save a significant amount of money from buying a foreclosed home, there are a few disadvantages you must consider when considering buying a house this route. Just like Arturo, you must do your homework. For example, the process of buying a foreclosed home is oftentimes lengthier due to the extra paperwork or the delayed response from the bank on your offer. Additionally, the inspection process is very vital if you do find a foreclosed home you are interested in buying because agents selling the foreclosed home are not required to expose any problems the home may have and they will not repair any poor conditions. Therefore, you need to be sure that the money you will be saving from buying the home is substantial enough to cover any repairs that may need to be done.

If buying a foreclosed home is done correctly there can be some definite advantages that makes the extra work put into the process well worth it. Make calculated risks, and you could save some money while searching for that perfect new place to call home.

Visit your credit union for more information about the process of buying a home and learn more about how they can help in the process.

Published 7-22-2013

 

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