BuyingAHome-JenniferChristenot
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That money saved also gives the buyer more to put back<br />
into their home. Whether that’s through upgrades or moving<br />
into a nicer neighborhood than they could otherwise afford,<br />
foreclosures often allow buyers to purchase a much nicer<br />
home than what their budget would otherwise allow.<br />
However, while price and saving money might be the biggest<br />
pros for buying a foreclosed home, there are many more cons<br />
to purchasing this type of property and it’s important that<br />
buyers are aware of them.<br />
The condition of the property is often one of the biggest cons<br />
of buying a foreclosed home. Pre-foreclosures are considered<br />
to be in the best condition of all, but the homeowners are still<br />
in foreclosure because they couldn’t afford their mortgage. The<br />
chances are very good that they also couldn’t afford repairs<br />
and upkeep on their home and so, it won’t be in very good<br />
condition.<br />
Homes that have reached the real estate owned (REO) phase<br />
of foreclosure are typically in the very worst shape and are<br />
often uninhabitable because of the amount of structural<br />
damage present. This is because REO indicates that the<br />
property is very far long in a very lengthy foreclosure process,<br />
and that the property likely hasn’t been lived in for months, if<br />
not years. During that time mold can build up, pipes can break,<br />
vermin and bugs can infest, and a number of other things can<br />
occur.<br />
13<br />
FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT
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