Buying A Foreclosure Property? Six Ways To Assess The Risk Versus Reward
Date: Jun 19, 2018 01:12 PM
As a real estate investor or potential homebuyer, it's easy to see the appeal of a foreclosure sale. The property is likely priced well below market value in the interest of moving it, and the money you save on the purchase can be used to fix it up and eventually sell it for a huge profit.
Unfortunately, foreclosed homes often end up being more of a headache than they're worth. Because you're not always able to get inside for an inspection before auction, you have no way of knowing the true conditions of the house — and if the previous owners couldn't afford to pay their mortgage, it's likely they couldn't afford to maintain the home, either.
Before you invest in a foreclosure, follow this advice from Forbes Real Estate Council members to gauge whether your new property will be an excellent investment or a waste of your time and money.