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.