When you’re house hunting it can be tempting when you spot a huge house being sold as a foreclosure. The prices are ridiculously cheap and it seems like such a good deal! Sometimes, when the cards are played right, a foreclosure can be great and you score an amazing price on the house of your dreams. Other times, though, it’s simply not worth it.
When To Stay Away
Your realtor should already be aware of what your wants and needs are, but a good realtor should also know what kind of loan you qualify for and roughly what your budget is. If they tell you any of the following about the house, head for the hills:
- There is no running water or the well/septic system needs to be rebuilt
- It is not a habitational property and needs a lot of updating before you can even think about moving in. (More information about these kinds of properties can be found at https://www.haughn.com/)
- There is trouble with the foundation
The rules apply to both commercial properties as well as personal ones, but know what is too much for you to handle, even if the price is right. Some houses have been on the market for a long time for a better reason than the pictures show.