What Makes Buying New Homes A Better Value?
- The Condition: Buying a new home is just that, NEW...You don't inherit a home that has been sitting around empty for months with problems that are unseen.
- The Timing: Buying a new home allows you to move-in quickly and without problems...Closing escrow on a foreclosed home could take months longer than what you are expecting.
- The Price: Buying a new home is a home ready to be lived in...many times, homebuyers who buy a foreclosed home end up spending lots of additional money to make the house livable.
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What are the Actual Risks of Buying a Foreclosed Home?
- You Purchase the Property As Is... Often times the previous owner is unable to pay for the necessary maintenance on the home and it begins to deteroiate. The seller of a foreclosed home is under no obligation to disclose these issues in the home.
- Disgruntled Owners When the previous owners are being evicted, they typically don't care about the home's shape before leaving and may inflict physical damage to the home. This could cost you extensive cleaning, repair, and maintenace bills before even moving in.
- No Warranty Foreclosed homes do not have any kind of warranty and many times 3rd party inspectors can't gain access to the property. This would leave you, the new owner, open to additional costs for repairs.
- Selection Is Limited You are limited in your selection of neighborhood, amenities, and characteristics of the home.
- Eviction Did you know that the new owner would be responsible for evicting anyone who may be occupying the home? If the home has current occupants, you will be responsible for the eviction process which could take months.
- Financing Although the purchase price might be discounted, the home is typically unavailable for inspection to gain a mortgage. Also, you may be required to pay a higher down payment or have cash on hand when buying at an auction.