A Few Things to Consider When Buying a Louisville Foreclosure_7242

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Louisville foreclosures can be a very shrewd investment for homebuyers as most sell well below current market conditions. Lenders who foreclose on and repossess homes would rather not be in the home selling business,You are not allowed to view links. Register or Login, and are often motivated sellers. However,You are not allowed to view links. Register or Login, if you’re thinking of saving money by buying a foreclosure in Louisville, let the buyer beware as the money you save upfront could very easily evaporate if you don’t do your homework.
On average, Louisville foreclosures sell for 20 percent or less than similar homes in the same neighborhood. The mortgage crisis here and elsewhere has created a huge inventory of foreclosed homes for buyers to select from, but many of these Louisville homes for sale are distressed properties that will need much more than cosmetic measures to make them livable. Foreclosed homes are usually sold as is and unless you’re a contractor or home inspector, you could miss very serious structural flaws that could transform your great deal into a great money pit.
Before signing any documents to buy a Louisville foreclosure,You are not allowed to view links. Register or Login, it is absolutely in your best interest to hire a licensed home inspector. Sometimes an owner will vandalize a home going into foreclosure in ways that may or may not be easy to see in an attempt to strike back at the foreclosing lender. This small extra expense could save you tens of thousands of dollars, because once you sign a purchase agreement, those liabilities become yours.
Next, if you’re buying a Louisville foreclosure it is a very good idea to hire a real estate attorney to ensure there are no secondary liens or claims on the home. Some buyers may view this as an unnecessary expense when the whole idea is to save money, but an ounce of prevention is worth much more than a pound of cure under these circumstances. If you buy a foreclosure with liens that the lender has failed to disclose, this is another case where those liabilities become yours.
Also, be aware that some Louisville foreclosure deals are no deals at all. While some lenders may be motivated to cut deals on foreclosed homes just to rid themselves of the liabilities, other lenders may be tough negotiators, depending on how much is owed on the property,You are not allowed to view links. Register or Login, and how interested they think a prospective buyer may be in one of their properties. Make sure to do your homework and look up how much the previous owner paid for the home when they bought it, and know how long the home has been vacant before contacting the lender. This information is very likely to determine your interest in the home and your offer.
A Few Things to Consider When Buying a Louisville Foreclosure