During a foreclosure, buyers expect to strike up a deal since the seller wants to pass on their home and its contents to gain back some of the money they lost. However, the process isn’t always as straightforward as that. Luckily, the team at RE/MAX Homes & Hills Realty, in Black River Falls, WI, helps clients navigate various unexpected details. Here, they name three unexpected challenges you might face.
What to Know About Purchasing a Foreclosure
1. You Won’t Meet the Original Owners
Once a home is in foreclosure, the original people who lived there forfeit ownership. As such, you must negotiate directly with the bank; they may take days to respond and are mostly interested in how much the buyer can put down for the house. Rather than getting to know you personally and choosing based on sentiment, they often use computer programs to sort the different offers they receive and decide who has the highest bid.
2. Foreclosures Require More Research
Since the bank tries to get foreclosures off their hands as quickly as possible, it’s more difficult to find out about the home’s past, what it looks like, or neighborhood facts. While the property may be listed at a low price, it is still valuable to enlist a local professional to ensure you make an educated decision.
3. Banks Usually Will Not Make Repairs for You
Often, with a foreclosed property, the bank is not responsible for any repairs in the house. Since the structure must be sold as quickly as possible, it is usually listed “as is” for an agreeable price. As worthwhile as the cost may seem up front, it’s smart to discuss the condition of the home and foreseeable expenses with an agent.
If you are looking to buy a foreclosure but need assistance getting started, contact the team at RE/MAX Homes & Hills Realty. The locally-owned real estate company has experience in residential properties in the Black River Falls area and will work hard to find you the home of your dreams. To speak with an agent about their houses for sale, call at 715-284-0610. Visit them online to learn more about their services.