There are many advantages of buying a foreclosed home. Here are a few to give you some guidance of how foreclosed homes can be great for a new buyer!
- Seller will be motivated to achieve a fast sale, may create opportunity for below market purchase price.
- Seller may be more likely to do repairs.
- Seller might be amenable to providing major closing cost credits and other concessions.
- Buyer can use regular mortgage financing.
- Buyer can obtain desired inspections within standard due diligence/contingency period.
- Seller must legally provide complete history of property’s condition, problems, repairs, etc.