If you’re like many people, you’ve considered buying a foreclosure – but what is the process really about?
Buying a Foreclosure
First things first: If you’re buying a foreclosure, you’re going to want to work with an experienced Charlotte Realtor®. These types of transactions can be very complicated, and for most people, it pays to have a seasoned pro there to answer questions and give advice.
What You Need to Know Before You Buy a Foreclosure
- The seller is a lender, not another person
- The seller will want a preapproval from your lender before accepting your offer
- You probably won’t be able to negotiate much (or at all)
- The home will be sold as-is – and that means you’ll have to pay for repairs and improvements
- The home will probably be vacant, so you can move in faster once you buy
The seller is going to want a preapproval letter from your lender to prove that you really have the means to buy the house. Otherwise, you could be wasting the lender’s time (and remember, the lender wants to unload the property quickly, because what’s a bank going to do with a house?).
The lender is likely losing money every day the house sits on the market, and if you’re not going to buy it, someone else probably will. There probably won’t be much room for negotiation because the lender is already losing money.
The lender isn’t likely to make any repairs to the home in order to sell it. Remember, you’re dealing with a business entity, not a person – and in this case, the goal is to minimize losses. However, a lender has more time to spare than a person facing foreclosure does; typically, lenders can afford to let a home sit on the market until the right buyer comes along.
Are You Buying a Home in Charlotte?
Check out our:
- North Charlotte homes for sale
- South Charlotte homes for sale
- Uptown Charlotte homes for sale
- Charlotte area Luxury homes for sale
- Charlotte area New Construction homes for sale
Looking outside the city? Check out:
- Ballantyne homes for sale
- Harrisburg homes for sale
- Steele Creek and Lake Wylie homes for sale
- Concord homes for sale
- Mint Hill homes for sale
- Waxhaw homes for sale
- Weddington homes for sale
- Matthews homes for sale
- Huntersville homes for sale
- Union County homes for sale