What are some of the downfalls of buying a house that is from a foreclosure?
I found a nice house on line but it is a foreclosure. What are some of the downfalls of buying one?
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Comments
It honestly depends on what your goals are with it. If you plan to live there for a while, then I would say downfalls are not many.
If you are a short term investor, you need to look at the community in general and see how long its taking for the houses to sell, and what the condition is. They say all real estate is local.
WIth one foreclosure, it effects the other prices in the development as well. Thus, in the short run, you will not get appreciation. ALso see how many other houses in the development are foreclosure, because that can have potential consequences.
If that is the only house thats being foreclosed, I dont see whats wrong with it.
Before you ever think of buying a foreclosed property, investigate it physically. The neighborhood, the house itself, etc…….You never know what your getting into until you have seen it for yourself.
Most people who lose their homes are VERY ANGRY.
Expect them to TRASH the place. Other than that, a house is a house.