What you should know about buying real estate foreclosure

and why it may not be always the best deal.

Foreclosures are lender owned properties, properties that the lender has taken over because of non-payment on a loan. The lender or bank that now owns the property is completely exempt and does not have to give you any information about the property.

If you are looking to buy real estate foreclosure, you should be aware that you are fully responsible for any problems the property has and for any cost that may come up after you buy the property from the lender.

Another problem with buying real estate foreclosure is that the competition for a real estate foreclosure may be higher than for other properties. The asking price for a real estate foreclosure may be lower than other properties in the area but it does not mean that the price other people are will to pay will not be higher.

Be sure to do your homework and know what other properties are selling for and any repair cost you will have to spend.

Lenders may sell a property under what others are selling for, but they will sell for the highest price they can get. A real estate foreclosure can be a good buy as long as you don’t over pay for the property.

Steve Olmos
Your real estate Agent
and Consultant in
Southern California