Bargain-hungry house hunters have turned their attention to the growing pool of foreclosures on the region's market. But the sweet deals, if they find them, come with plenty of challenges, in part because many buyers have unrealistic expectations about what it takes to buy a house owned by a lender.
Some potential buyers don't find the rock-bottom prices they expect. Others can't get the banks to promptly respond to offers. Many give up before they get that far because they're overwhelmed by the repairs some homes require.
Saturday, July 14, 2007
Buying a foreclosed home not as easy as the informercials make it seem...
Really noteworthy article in the Washington Post about those trying to get a bargain in the foreclosed home market that is almost a nightly topic on late night televisions infomercial blitz. Some selected parts of the article:
Subscribe to:
Post Comments (Atom)
1 comment:
Our home was a forclosure. It took from April 1st till May 26th to close the deal. It was a gripping experience, but overall, for us a positive move.
We paid 28k for it and a year later it appraised at near 200k. Not bad for a total of 100k invested.
Dealing with the banks..now that's another story. Alway, always stay on top of those jokers..or it may slip through your fingers.
Post a Comment