Considering Purchasing a Foreclosed Home?

Foreclosed (REO) properties are are owned by the lender, due to the previous owner defaulting on the loan.   These homes may provide an opportunity to purchase a property that is below market value, but they come with a list of items to take into consideration in advance, compared to a traditional home purchase, such as;

  • Unknown property condition
  • Advanced out of Pocket Costs
  • Title Issue may be attached to the Property
  • Less room for negotiations on Property repairs and pricing
  • Lenders may have special requirement/conditions that need to be met prior to funding a loan on the property

Due to the constant changing of the inventory in the Foreclosed Homes Market, we recommend to anyone interested in this type of purchase to contact one of our Realtors who can walk you through the process, share with you the current inventory on the market for sale, and answer any questions you might have regarding an foreclosure purchase or lender needs.