Foreclosures are essentially properties owned by a lender. If a buyer is unable to make the payments and defaults on the loan, the lender will repossess the house and sell it on the open market at a much reduced cost.
Foreclosures are tricky and have many unique circumstances attached to them including: special warranty deeds rather than general warranty deeds; the inability to choose your title company; and possible financial penalties for not closing on time.
The lender/owner will rarely accommodate any request for changes, fix anything on the property, or allow any closing costs to be rolled into the loan.
Also, because of the delicate nature of a foreclosure, many people leave the property in a much worse condition than they bought it, just to get a little revenge on the bank. It is possible that a foreclosed property will need several thousand dollars of repairs.
The good news is that if you don't mind a little red tape and the possibility of a "fix'r'upper," you might be able to save a substantial amount of money on your next home.
Despite all the intricacies associated with foreclosures, we have extensive knowledge and experience in negotiating and working through the bureaucratic mess and getting the best deals for you.
