▣ Foreclosure Flaws
The foreclosed market offers great value and opportunity, but there are many flies in the ointment. Being aware of the potential drawbacks will help you go into the marketplace with the right expectations. Armed with this knowledge, you’ll know what to look for before you leap into a purchase.
Buyers are responsible for removing the current occupants, if any remain. This means you may need to hire a lawyer to help you through this process. Evicted tenants can be uncooperative and even dangerous.
There can be no guarantee of condition without prior inspection, as some foreclosure properties must be purchased as is. If the property has been long vacant, the home may be vandalized or rodent-infested. The home may come also with many outstanding liens are other debts.