Real Estate Insider Blog

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15
Oct
2016

Should you buy a foreclosed property in the Clearwater area?


 

Foreclosures are often a lucrative opportunity, but they can also be a high-risk investment. Before you decide whether or not to invest in them, it's important to look at both the good and the bad they bring to the table. It's also critical to have the right real estate professional, a well-planned budget, and the dedication to the project before getting started.

 

What Are the Advantages of Buying a Foreclosure?

The biggest advantage to buying a foreclosure is the opportunity to get a good deal. Simply put, foreclosures are homes seized by lenders after the homeowner failed to make payments as promised. Most lenders are willing to sell the home at a reduced price in order to maintain their investment and minimize the loss which can substantial gain to a buyer in the right circumstances. Below are some advantages of buying foreclosed properties you can review.
 

1) More “Bang for Your Buck”

If the price is right, you may be able to purchase more home for your dollar or live in a better neighborhood and actually buy your dream home instead of dreaming of that home.


2) It May Be Profitable

In many cases, the foreclosure is sold at less than the market value, providing you with “immediate equity” and an opportunity to profit from the sale. It's important to see these are potential benefits, but there are no guarantees here.

 

What Are the Disadvantages of Buying a Foreclosure?

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