When you think about Foreclosures and Foreclosure Homes, what comes to mind? Low prices, investment opportunies, or paperwork and property damage? There are many common misconceptions that although sometimes true, should not be counted on when buying a foreclosure.
Learn more by clicking on the article, otherwise feel free to browse all current active Foreclosures For Sale in the Lake Conroe area!
There are several Pros and Cons when Buying Foreclosure Homes. Read More...
Low Prices & Better Deals - Foreclosures often seem to be priced lower than other resale property, because banks tend to price their foreclosures competitively from the beginning in order to move the property sooner rather than later. Over time, most banks and foreclosure entities will lower their price by a certain percentage on a consistent basis using a set system, and given enough time, are prepared to "cut their losses" in order to close the file.
Emotion Free Transactions - Banks tend to handle the sale of foreclosed property by the books. It's a numbers game and they aren't going to be offended because you don't think their property is worth what they say it is. Either the numbers work, or they don't!
Emotion Free Transactions - Unfortunately the coin goes both ways, and a financial institution will just as quickly say NO to you if the numbers don't work. They don't have the sense of urgency that you might be able to take advantage of in a motivated individual seller, and especially within the first month of being listed, they don't budge much on the price.
Property Damage & Lack of Repairs - A lot of times, foreclosures will be listed "As Is" and the bank has no intention of investigating, disclosing or repairing any existing property damage, missing appliances, etc. So in the end you have to decide if a particular foreclosure is worth the headache, and very thorough when having the property inspected.
Paperwork & Red Tape - Certain types of foreclosures (ex. HUD Properties, Fannie Mae, etc.) require additional paperwork additional conditions that must be met, that may prolong the process, or even keep you from qualifying to purchase the foreclosure.
All in all, as long as you are careful, foreclosures often times are less expensive, no-nonsense investment opportunities, and although Lake Conroe Real Estate is booming, there are several foreclosure homes available!
The IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed curate by the MLS and should be independently verified.
Listing information last updated on May 24th, 2016 at 12:01pm CDT.