Thursday, January 29, 2009

Should I Buy a Foreclosure Home?

Answer: Maybe!

A foreclosure can be a very good deal and who doesn't like a bargain? Just make sure that your new home isn't more than you bargained for!

A foreclosure home is usually sold in "As Is" condition, meaning that the seller (usually a bank) is unwilling to make any repairs. Also, there is usually no prior history or a disclosure about general upkeep, prior problems or repairs made to the property.

Of course, you will want to have it inspected by a licensed professional, as you would with any home purchase. This will give you a good indication (but no guarantees) of what you are getting into. Foreclosure homes have a tendency not to have been well-cared for or have appliances or other things missing that are generally included in the sales price of a home.

If you are a "do- it yourselfer" or don't mind outsourcing home repairs, than a foreclosure may be a very good option. I have also seen some forclosures that appear to be in very good shape.

If you would like more information on foreclosure homes in the Tulsa Metro Area, please contact me at (918) 812-8338 or visit VickiPearsonHomes.com.

I am not discouraging potential buyers from purchasing foreclosures, I just don't want them to end up like Tom Hanks and Shelley Long did in the 1980's movie, "The Money Pit."

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