Boston Real Estate FAQs / Foreclosures /
Are there risks of buying a foreclosure?
Votes: 0
Yes. Regardless of the condition of the property, there are risks involved with purchasing a foreclosed property. One of the most frustrating and potentially frightening aspects of the process for many buyers, especially first-time buyers whom have not yet encountered all the details surrounding major home repairs, is the home inspection
. Most bank-owned properties are vacant, and have been winterized, with no gas or electricity service to the property. Banks are not willing to go through the expense of having utilities turned on and plumbing restored just so a buyer can have an inspection.
Adding to the frequent inability to have proper inspections, with non-foreclosure transactions, you more often than not have the ability to ask the seller questions about the condition of the property. Obviously, the bank or corporation selling a foreclosure has no clue regarding the validity of ANY information about the property. They have never stepped foot on the premises – this place is no more to them than a line item on a page of assets to be sold.
Adding to the frequent inability to have proper inspections, with non-foreclosure transactions, you more often than not have the ability to ask the seller questions about the condition of the property. Obviously, the bank or corporation selling a foreclosure has no clue regarding the validity of ANY information about the property. They have never stepped foot on the premises – this place is no more to them than a line item on a page of assets to be sold.
Others in this Category
- When is a property foreclosed?
- What is a shortsale?
- Can I find them on the MLS?
- Can I get a great deal?
- Are there guarantees?
- What are the risks of buying a shortsale?
- How do I get financing?
- If I get to Purchase & Sale Agreement, am I guaranteed to get the property?
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