If you purchase a home as a foreclosure, do you buy it as is?
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Foreclosed homes are normally sold "as is" with no warranty given or implied. This is why is is extremely important that a person buying a foreclosed home have a full home inspection completed in order to determine whether or not any repairs are necessary.
Remember, people who cannot make their house payments certainly aren't paying for normal required maintenance.
yes! but sometimes there not in bad condition.
If you buy it at auction yes you do. Even if you do not, forclosure is used as an excuse to wipe out the history of a house. So that flood ten years ago or the water leak or whatever you really don't know about until you try to buy insurance.
To find out such things do two things. Get the place inspected if possible. Second try to buy insurance on the place BEFORE you buy it. You'll suddenly find out all kinds of history about the house unavaiilbe by any other means I know of.
Remember many forclosures are bitter ones. People do not lose htier homes by choice and often the forclosure is prompted by house thieves like Americas servicing company. So no matter what the previous owner did they were losing thier house as the mortgage company wanted the house not the money. As such I've seen people literally take the kitchen sink, tear up the house and leave unpleasent surprises. The rationale is not actually against the house buyer but the mortgage company. Instead it's the buyer who pays for such actions.
I wouldn't! Over the 6 years I've been in real estate, I've NEVER seen a foreclosure in good shape. They are always in bad shape; haven't been maintained, and most people trash them and take everything out (appliances, ceiling fans, molding, etc.) when they leave. If you do buy a foreclosure, remember you are still paying market value for a home that is probably not as nice as the one the Sellers bothered to make payments on. GET A HOME INSPECTION AND MAKE SURE YOUR OFFER IS CONTINGENT UPON IT!
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