No one wants to pay more for their home than they have to. If you’re thinking about buying a new home, you may have considered investing in a foreclosed property. Foreclosed homes can allow you to buy a larger property on a limited budget. But are foreclosures really as good of a deal as they seem?
Before we talk about whether you should buy a foreclosure, it’s important that you understand what a foreclosure is. A foreclosure is a home that’s owned by a bank. If a homeowner misses multiple payments on his or her loan, the bank has the right to take back the property and recoup their losses through a sale.
Foreclosures are usually priced below market rate because banks want to get their money back as soon as possible. However, these homes are almost always in poor condition. When a homeowner knows that they’re going to be evicted from their property, they have no incentive to spend any time or money maintaining the property. They may leave trash, furniture, and pests behind when they eventually do leave the home. Some particularly angry homeowners have also been known to intentionally cause damage to the home by flooding the toilets or ripping wiring out of the walls for resale.
So, should you buy a foreclosed home? The answer depends on your unique situation. If you have extra money available to cover furniture removal, clean up, or shed removal in Bucks County, you can save some money when you buy a foreclosure. However, if you aren’t prepared to commit the time, effort, and money to cleaning up a home, you might be better off choosing a slightly more expensive turnkey property.
Are you getting ready for a move? Junk Rescue is here to help! Our foreclosure cleanouts and furniture pick up in Montgomery County, PA can make the transition to your new home easier and less stressful. Give our team a call today at 800-732-9209 to learn more or schedule your appointment!