Your Money
Parade Magazine
March 16, 2008
With foreclosures hitting record highs, some people are looking for real estate at bargain prices. “It’s not unusual for buyers to save up to 20% with a foreclosed home.” says David Webb of foreclosure auction firm Hudson & Marshall. What should you know before you buy?
1) Unlike regular home purchases, says Webb, “many foreclosures are sold in as-is condition, with no inspections.” So the burden is on buyers to make sure they know what they’re bidding on – or be willing to take a risk.
2) Before making an offer, he adds, you also should check that there are no liens against the property or back taxes owed, which will add to the total cost.
3) Finally, since most foreclosure sales require quick closings, buyers may need to pay in cash or get immediate financing.
Jonah's Thoughts: Note the above things about buying a foreclsure
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