There are many properties being offered at foreclosure auctions across the nation right now. Some are good investments and others are not. The rule is the same for buying real estate no matter what type and where, do your due diligence. Check the prices in the area and make sure you know what you are getting into.
PROS
The major advantage of purchasing a foreclosure auction property is the deep discounted prices. By the time you go to the auction and start your bid, you better have done your homework and know the prices of comparable properties in that area. Otherwise, you may pay the price for a long time down the road for your mistake.
CONS
· Properties are sold as is.
· Generally you cannot inspect the property.
· No title insurance is available.
· If there is a tenant or owner still living on the property, you are responsible for having them evicted. However, if you are planning on holding on to the property for awhile and renting it, then you may be able to negotiate a lease with the current occupant.
· Must pay cash for the property in most instances at the end of the auction. Some states allow you to arrange for financing. Check with your state laws or an attorney first.
· May need court approval of the sale if you live in a judicial foreclosure state.
· Borrower may have right of redemption to pay the outstanding default amounts, attorney fees and costs and redeem the property leaving you with no ownership rights whatsoever and out of pocket costs. Check with an attorney regarding the redemption laws in your state.
· You may be overpaying if you get caught up in the excitement of a bidding war.
Monday, March 23, 2009
Pros and Cons of Purchasing a Foreclosure Auction Property
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