If you want to buy a real estate bargain it is of the utmost importance to know what you are doing. No matter how inexpensive the property is, real estate is still a big investment and a big responsibility, so do your research, be aware of the downsides, and know the procedure of buying f oreclosure real estate.
The term “deal” is all relative. It is easy to hear of people buying property for little to nothing but we all know that nothing that inexpensive comes easy. Buying a foreclosed property at an auction for $1 or $100,000 sounds good but the property may come with additional fees, maintenance and problems that are not mentioned or advertised.
A couple of possible complications that may arise include:
- Association fees that may have to be paid by state law (for example in Hawaii up to 36 months in association fees must be paid by the buyer of foreclosed property).
- Major issues with the home that are not able to be seen without an inspection (broken pipes, faulty wiring, termites, etc.).
Buying foreclosed property can be a great investment but it can also be similar to throwing money into a sinking ship. The old saying “something too good to be true” should constantly be in your head. Find out what you can about any particular property by talking to Realtors who may have seen it, county records and any other resource you can find. There are quite a few Realtors out there who have experience with buying and selling distressed property, working with one could help save you quite a bit of trouble.
For more information please contact me at 310-741-0372.
You may also visit my wesbite: http://www.caroledelacruzrealty.com/
or email me at: carole@caroledelacruzrealty.com
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