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Consider Foreclosures As an Affordable Option

by Guest on Jun 29, 2012 Real Estate 1499 Views

You have probably never thought much about making a profit from what some may consider another person’s tragedy, but purchasing a foreclosed home may be the best way to get an affordable price on your first home. Boston homes for sale which have been repossessed after buyers were unable to keep up with their mortgage payments are likely to come with attractive price tags. This is because lenders want to ensure that they will be paid back the money they have already lent, and are no longer concerned with maximizing a profit outside of this return. Often foreclosures are also the most affordable Boston houses for sale.

Before you even consider buying, be sure to thoroughly investigate any given situation. You will want to ensure that the home you are about to purchase is well within your means to do so otherwise the foreclosure you face may be that of your own doing.

Check and see if the home you would like to buy needs any repairs, and obtain reasonable estimates as to how much these repairs are going to cost you. A home that is in need of repairs should reflect those repairs in the price tag if it does not, you are well within your rights to ask for a price reduction to compliment the repairs you plan to make. Lenders are generally not responsible to any damage the home has suffered, so do not expect much help there.

A foreclosed home can be in any sort of condition from a practically brand new to the home that has suffered severe structural damage. If you find a home has issues with mold and is generally run down, you may want to look elsewhere. Buying such a property may cost you more time and money than it is worth in the long run. Mold is something that can be especially harmful to both your health and that of the home and it is not always visible. It may be lurking in the walls, making an inspection an integral part of this kind of home buying.

The better the neighborhood a foreclosed home is in, the more likely that home is going to be a quality structure. And high quality surrounding properties generally only serve to increase the value of a foreclosed home. Such a residence may be worth the price, even if you only intend to buy it for its land value.

Paperwork surrounding the purchase of a foreclosed home can be somewhat tedious; you will have to sign a number of addendums and clauses in order to exonerate the lender from having to deal with whatever condition the home is in. This must be done before contracts are signed and the property is officially transferred to you. Because you will free the lender from responsibility, it is vital that you have the property inspected long before the sale is made final. If the home is not in living condition, it becomes entirely your problem when the paperwork has been completed.

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