This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See Myth #6 here.
There has been so much media attention on the rise of foreclosures and the hype of getting a good deal. It's hard not to ignore it and of course everyone wants to get a fantastic deal. But the fact is that some foreclosures are overpriced and also have undesirable conditions attached to them. On a foreclosure, what you see is what you get. The bank will not make any repairs. One important thing to do is to evaluate the cost of repairs to make sure that it will not exceed fair market value of the property. Otherwise, you could have bought the house down the street for less money. Often there is not electricity or water available, and it is the buyer responsibility to turn it on to inspect the home. And again, even if you do find something severely wrong, the bank will not fix it. The sale is AS-IS. A good value in a foreclosure requires research and due diligence. You'll need a good home inspector and contractor on hand to work up the repairs and numbers.
When working with the Charleston Relocation Experts Team, Buyer representation is a FREE service and we'll have you navigate the process to make it a smooth ride! Call or email Michele Reneau when you ready to have an agent looking out for YOU!
Stay tuned for more myths...*The series is adapted from the REBAC article published October 2008, 10 Common Myths Shared by First-Time Homebuyers in Today's Buyer's Rep.