1. Buying a home from the current distressed owner may mean you have to close quickly to preempt the foreclosure sale on the courthouse steps. Based on the owner’s financial situation, the home may be subject to substantial deferred maintenance. Consequently, the home may require substantial repairs. Depending on the type of mortgage loan the current owner has, the property may also be subject to unpaid property taxes, which you will inherit with the property; the same goes for water and sewer bills. These pre-foreclosure purchases are not for the faint of heart or novice investor. Serious thought, with appropriate financial resources in reserve, are the best course of action if you are considering this type of real estate purchase.
2. Buying a home at the courthouse steps on foreclosure auction day (1st Tuesday of every month in Georgia) is typically only pursued by professional investors, and for good reason:
3. Buying a home from a lender after they’ve taken the home back through the foreclosure process is the most typical manner of acquiring a foreclosed property for an average home owner. There are numerous reasons for this and the following are just a few:
Whatever course of action you may be interested in, hiring a professional U.S. Veterans Realtor to assist and guide you is the wisest decision you will likely make. Don’t forget, buying a typical home is probably the biggest purchase of a lifetime. Purchasing a home through one of these more challenging processes adds substantially to the risk of things turning out badly.