People who purchase a house and then later default on their mortgage payments often find their home in foreclosure. The home will be sold at a public sale, ordered by the court, and monies from the sale will go to the mortgage holder (and then any additional lien holders).
While Kenosha foreclosures can be attractive investments, there’s often more to them than meets the eye. You wouldn’t be wise to purchase a foreclosed home without doing your research. You will want to be aware and prepared for any issues that could arise.
It could take a year, sometimes even longer, for a home to be placed for sale in which time the home has probably not been maintained. You need to keep this in mind and know the details. Sometimes an attractive price on a foreclosed home may make it seem like a “winner” but that could very well just mean that you will have to put a lot of time and money into the home to bring it back to life and make it livable.
There will often be fees like liens or taxes that are behind. It’s important that you determine any monies outstanding and know who is footing those bills. Sometimes the lender, in the interest of recouping their money, will waive fees like closing costs or offer an appealing down payment or interest rate. There are a number of financial considerations to be made when buying a foreclosed home.
People often think they can get a “steal” on foreclosed homes but that’s not always the case. Some homes may sell for 60-70% of the market value but many Kenosha foreclosures will only sell for approximately 95% of the market value.
There are a number of other issues to consider and things you need to know before investing in foreclosed properties. These are not necessarily ‘cut and dry’ deals and it can take a lot of time and effort to decide what property(ies) are good investments. Buying a foreclosed home can be a confusing journey. It can even be disappointing if you aren’t armed with the right knowledge.
With my expertise, it can be a painless experience that pays off and leaves you with a smile on your face. Contact me at 608-770-4568, or use the form below, and let me help you make the right decision.