If you’re house hunting, you may have come across foreclosure homes for sale that peaked your interest, but you’re unsure if the buying process is similar to that of purchasing from a seller. The real estate brokers at Gilbert Realty in Mountain Home, AR, have helped countless buyers close successful deals on properties throughout the area. They believe that understanding the differences between both types of listings will help you decide if it is in your best interest to pursue a foreclosure home.
Most foreclosures occur when the owner can’t meet mortgage payments and abandons the house. The bank then seizes and controls the property, and as a result, the home has typically not had any repairs or inspections done on it. So, when you consider this kind of house, it’s important to keep in mind that you may encounter defects or issues you will be responsible for fixing. However, foreclosure homes typically sell for lower asking prices, and it is possible to get a very good deal on these properties because the bank is pressured to sell.
When you purchase from a private seller, you can expect to learn everything about the home, as they’ll share important information you can’t always garner from an inspection. Sellers will also make the necessary repairs to the house before a contract is signed. However, it’s not easy to land an asking price as low as a similar property that is foreclosed.
If you’re interested in purchasing a foreclosure home, hire a qualified real estate broker with experience in this type of transaction. For help finding a property in Mountain Home, AR, contact the licensed experts at Gilbert Realty today by calling (870) 425-6282. They offer helpful resources and information about local properties. You can also visit their website to browse their listings of homes for sale.