Many families are looking to buy a home but are discouraged to find out that the type of house that they had in mind is out of their price range. For those who are looking to find a deal, foreclosed properties can provide an excellent alternative to mainstream options. Often times, a foreclosed house is in need of maintenance. This might include major repairs. Because of this, sellers will typically heavily discount the asking price with the understanding that the prospective buyer must accept the home in 'as is' condition.
In addition to house seekers on a strict budget, foreclosures might also be attractive to real estate investors who are looking to purchase and then refabricate a dilapidated dwelling with the intent of renovating the property. When this is done intelligently and strategically, it can often result in a tidy profit.
If you are considering foreclosed properties, be sure that you hire a well-respected home inspector who can provide you with a good understanding of any safety concerns as well a list of high-cost expenditures that might be needed in the future.
We offer a number of foreclosure listings that you might find interesting. The team at SD Real Estate Hub is happy to answer any questions you might have, so fee free to call us should the need arise.