Purchasing a home that has been placed on the market by a creditor following a foreclosure can be an excellent way to get a great deal. However, the option does not come without risk. The decision to buy a foreclosed home is not one that should be made lightly, or without guidance from an experienced West Palm Beach foreclosure attorney.
Benefits and Downsides to Purchasing Foreclosures
A clear advantage to buying a Florida foreclosure is the money one can save by doing so. A foreclosure is typically listed at a much lower price than its current market value. Another benefit lies in the fact that the lender will be eager to recover the remainder of the mortgage and looking to sell as quickly as possible.
These positives do not come without negative aspects. It is important that buyers interested in a foreclosed property be aware that post-foreclosure bank-owned homes will come with much more paperwork than the average real estate purchase. Many of these documents are best filled out with the assistance of a lawyer, as the new homeowner may be held responsible for the previous owner’s debts if there were liens on the property.
Additionally, the home will be sold as-is. This means there could be necessary repairs, and even more costly issues like mold. The bank does not need to disclose the homes history and current condition, so getting the property inspected by a professional is advisable.
Finally, the buyer may encounter financing issues that would not arise with a traditional real estate purchase. For starters, the lender may have strict requirements for obtaining credit approval. Therefore, a West Palm Beach foreclosure attorney will be an invaluable asset in demonstrating one’s financial qualifications.
If you are considering buying a Florida foreclosure, our team can guide you through the process and help you avoid any potential complications. Call our office today to arrange a meeting one on our skilled attorneys.