If you’re looking at saving big money on a house, buying a foreclosed home is an option to consider. The number of foreclosures is on the rise in several states but it’s important to consider the pros and cons before deciding to buy one.
What are the advantages of buying a foreclosure?
- Getting a better deal if the home is in pre-foreclosure, since the homeowner will want to sell it as soon as possible.
- Making an affordable and smart investment by buying a foreclosed home that’s surrounded by homes with a high resale value.
- The foreclosed home will have a clear title without back taxes or liens if it’s a real estate owned property.
The disadvantages of buying a foreclosure include:
- The home might need extensive repairs, especially if it’s been empty.
- You won’t have a lot of time to gather money for buying the home.
- You’ll have to fill out additional paperwork if the home is real estate owned.
The states with an increasing number of foreclosures include Maryland, Nevada, Connecticut, New Jersey, Pennsylvania and New York.
Need help finding foreclosed properties for sale in your area? Contact United Real Estate, and stop by our Facebook page for buying tips.