Coldwell Banker Sea Coast Advantage Blog

What You Need to Know About Home Foreclosures


Posted: August 23, 2011 by Coldwell Banker Sea Coast Advantage

You’ve seen those late-night commercials that say you can buy beautiful foreclosed homes for only hundreds of dollars. While that might seem like an ideal situation, there may be some things you should be aware of before you enter the foreclosure arena.

What Are Courthouse Foreclosures


Buying a foreclosed home from the courthouse may be an inexpensive alternative to buying a new home, but it also means you are responsible for paying any existing leans on the house and many times you can’t even look inside the home until after you purchase it. Buying a home like this requires extensive research and a solid understanding of how the process works. In many cases, purchasing a foreclosure this way also requires a leap of faith.

What Are Bank-Owned Foreclosures


A bank-owned foreclosure is a foreclosed home that was actually bought back by the bank. When shopping for a bank-owned property it is important for you to consider the condition of the home, because the bank won’t do any repairs before putting the house up for sale. Many foreclosures are in a state of disrepair that can range from cosmetic fixes to major necessary repairs. While this is a much easier way to purchase a foreclosed home, it still requires a fair amount of research.

What Else You Should Know


The important thing for you to understand when considering a foreclosure is that it can be risky business if you are not properly informed and prepared. Choose a real estate agent that offers experience with foreclosures to help ensure you get the best deal on your Jacksonville, NC real estate.

While foreclosures make up a large portion of the listings in many areas, it can require patience on your end to find one that matches your needs, budget and taste. By using your head and staying informed about the market, you can actually make a successful foreclosure transaction.

Want to learn more about foreclosures? Watch our video of a Sea Coast Realty real estate agent telling you what you need to know about foreclosures.

Loading Comments

 Categories


 Archives