Many people are exploring the idea of purchasing a foreclosed or bank owned property. They have heard stories of great deals to be had on buying a REO. And while these homes may be obtained at a discounted price they may or may not be a great deal. Usually these homes will require some amount of remodeling. Every now and then you find one that is in move in condition, but more often than not extensive remodeling is required to end up with the home of your dreams. Even if the home looks good on the surface the homeowner who was struggling to make mortgage payments for a time before the home was foreclosed on has probably deferred maintenance on what may be crucial systems in the home. Before you make the decision to buy it is necessary to carefully weigh the hidden costs in order to answer the question “should you buy a fixer upper”.
If you woud like a list of the foreclosures for sale in a particular area, contact me; I would be happy you a list of Charlottesville foreclosures for sale.
This article may provide you with some helpful information.
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How to Assess the Real Cost of a Fixer-Upper House
When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix. Read
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Pam Dent
So many buyers think that “foreclosures” are always a great deal. Just because an owner stopped making their mortgage payments in no way makes the property a deal. It all depends on how the bank, and the REO listing agent lists the property. In my market it seems like the foreclosure homes aren’t priced any better than any other homes for sale.
I agree Alan. Just because it is a foreclosure does not make it a deal.