When a bank or other lender takes over a foreclosed property it is usually in their best interest to sell it as soon as they can and get it off their books. It's all about managing risks. There are a number of advantages that comes with buying such a property from the lender.
Banks and lenders are eager to get rid of the property so they are usually quite willing to negotiate terms to suit your needs. Things like price, length of escrow, closing costs, and down payment amount are all usually on the table to be negotiated.
The title you get from the bank/lender will be clear. You won't be getting stuck with a bill for back taxes or any other lien on the property. That is big because a lot of times foreclosed properties have 'ugly' titles because the borrower has usually been going through a lot of financial hardships.
Inspections will be allowed so you will know if the home is sliding off its foundation or is infested with termites. We've all heard stories about people trashing their home after they realize they will not be able to stay in the house. There seems to be no end to what an angry homeowner can do to get back at the bank for foreclosing in them. At least with an inspection being done you know what you will be walking into. Then you can decide if it's worth the hassle or not. Without the inspection you could easily be blindsided with thousands of dollars of much needed repairs and no one but you will be responsible for footing the bill.
You will have a mortgage so this doesn't have to be a cash transaction.
Here's another biggie. The house will be vacant. If the owners want to be stubborn it can be difficult to get them out of the house. Most of us have heard about people staying on for months fighting with lawyers until they finally have to move.
The property will usually be listed with a realtor which means the bank will pay for the realtor's commission. That could mean anywhere from a couple percent to as much as six ทาวน์โฮมมือสอง ราคาถูก percent. That's a lot of money especially if you're buying a three or four hundred thousand dollar home.
So there it is, plenty of reasons to buy your next home from a bank or other lender who has taken over a foreclosed property. It's a little safer than going to an auction on your own where you're never sure what you're going to get. Good luck and happy home buying.
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