Of course it is tempting: an enormous 5 bed, 6 bath home of over 5,000 square feet in Northbrook for only $550,000? However, home buyers have to be very careful when purchasing in a short sale or foreclosure situation.
When you walk into a foreclosure, it is often a huge mess. People are angry and frustrated (rightfully so) when they have to leave their houses, and many of them do things that destroy the house.
Short sales will always attract buyers on the financial aspects, but oftentimes they end up being hassles because of all the paperwork required by the banks.
Other negative factors of buying in a short sale or foreclosure include:
- unplanned expenses before buying (repairs, inspections, certifications);
- uncertain and long wait time;
- homeowner is usually not cooperative;
- last-minute changes made by lenders;
- homeowner can file for bankruptcy and foreclosure process needs approval from the bankruptcy attorney;
If you have any questions regarding short sales and foreclosures, please feel free to contact Marlene.
* Marlene was quoted on "Make it Better," Chicago North Shore's premier online resource and magazine! Click here to see the article.