The Foreclosure Sale

Sorry I have been gone for so long.  Lets continue with our discussion on the three types of sales in Laurel real estate. We last talked about the “normal” sale between a buyer and a seller.  The second type of sale is the foreclosure.  With a foreclosure, there is no seller.  The bank owns the property and is for all intensive purposes the seller.  In the foreclosure you are dealing with an institution, not a person.  The biggest difference between the foreclosure and normal sale is that the bank will not do any repairs on a property.  You are truly buying the home “as-is”.   Most times you can make the sale contingent on a home inspection.  Foreclosures are not always a good deal. In fact, most foreclosures are not a good deal.  Like any other sale, get price comparables.  And remember,  repairs  on the home may cost more than the home is worth.  One last point on foreclosures, some loans can not be used on foreclosures.   Make sure you discuss this with your realtor.    Next we will discuss the dreaded short sale.

Leave a Reply

Your email address will not be published. Required fields are marked *