How can you tell a bad foreclosure from a good one? There are a great many deals for buyers and investors. But making a sound purchase can be tricky. Buyers need to be wary of unpaid liens, including mortgage debt, property taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage. Any or all of these financial obligations could become your responsibility when you purchase a property in foreclosure. Unless the property goes through a foreclosure auction and becomes a bank-owned REO, the outstanding foreclosure liens and fees could be simply transferred to the new owner.
A buyer looking for a good investment should generally avoid neighborhoods with many foreclosures, particularly newer subdivisions in overbuilt areas. Investors will be tempted to buy foreclosures in these areas because they offer the biggest discounts, but they also carry the most risk of further depreciation. Look in well established neighborhoods with good schools and transportation. Work with a knowledgable realtor who has expertise in the areas you are interested in who can advise you about the neighborhood so you will have the information you need to tell a bad foreclosure from a good one!
Call me for all your real estate needs. I have been helping people call South Florida home for over 15 years!
Joanne McKeage
Direct: (954)592-0441
joanne.mckeage@floridamoves.com
COLDWELL BANKER RE, INC.