The Advantages of Buying a Foreclosed Home

Posted by David Ellis on Monday, October 21st, 2013 at 2:11pm.

Other than marriage or the birth of a child, there are few life events that can compare to purchasing your first home. Despite the diverse lifetime aspirations among Americans, homeownership is one goal that is common across all social, cultural, and economic lines. Our homes are more than just our own private spaces, but they are symbols of security, individuality, and success.

The purchase of a home is the single biggest investment that the average person will make in their lives. When you put yourself through the process of submitting an offer, closing the deal, and signing a 20 or 30 year mortgage. you want to make sure you're making the best decision for yourself and your family.

It is no secret that the housing market has been erratic in recent years. From year to year, you just don't know what to expect. One moment demand for luxury homes leads to a boom in that industry, and the next there is a surplus. During slow times, the Fed has been known to lower mortgage rates in order to stimulate the economy.

Due to the fluctuating supply and demand, it is usually necessary for prospective home buyers to enlist the services of a real estate agent in order to gain access to the most recent homes for sale. For buyers who are looking to get a great deal on the perfect home, buying a foreclosed home can be a wise move.

Although the advantages of buying a foreclosed home usually outweigh the disadvantages, there are a couple of things to look out for. In order to get the deal you are seeking, the current owner cannot be upside down on the home, or else they will not be able to negotiate much on price. Even if an acceptable deal can be negotiated, you will have to wait for the owner to move out, which could take more time than you would like.

Much of the time, however, foreclosed homes will sell for considerably less than their worth, which is the foremost advantage of buying a foreclosed home. Of course, if you are able to get the home of your dreams for thousands of dollars below its market value, it might be worth waiting a bit before moving in. Additionally, when purchasing a foreclosed home, sellers are often willing to pay for repairs; and they are required by law to disclose all details regarding the home's condition and a history of issues and repairs.

Even though the housing market has been unpredictable, and many have begun to question if homeownership is worth it, it continues to be a main goal among most American families. The good news is it is still possible to get an amazing deal on the perfect home, especially with the help of top real estate agent.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com

Sign up for email updates