Stefanie Schrekenhofer-Dace

You expect results and we deliver!

  • Home
  • Featured
    • Single-Family Residential
    • Land/Lots/Farms
  • Search
    • Search All
    • Conway
  • Blog
  • Contact
  • Sign In
    • Sign In
      (Lost Password?)

      Don't have an account yet? Sign Up

      Create Account Signup

      Already have an account? Log In

      Reset My Password

      Complete the form below to receive an email with the Login and Password.

      Already have an account? Log In

  • Home

Buying A Foreclosed Property - What You Should Know

Given the recent state of the economy and the rising rate of mortgage foreclosures, the number of properties available at rock bottom prices is at an all time high.  While purchasing one of these homes may seem like a sound investment and a great way to get more house for your dollar, there are some issues to consider before purchasing a foreclosed property.  Depending on your financial situation, your experience as a homeowner, and your access to information about the foreclosure market in your area, there are some risks involved.

Finances Of Foreclosure

The financial considerations of purchasing a foreclosed home can sometimes be overlooked.  Often foreclosed homes can be in need of considerable maintenance and repair to make them habitable.  You need to know this cost when making the purchase, or you may end up with a considerable amount of debt in bringing your home back to its original shape.  Also, even though the price of the property is right, there are other financial considerations you may not have considered.  The cost of maintaining a home, property taxes, and utilities are all expenses that may be greater than your budget will allow, especially if you are purchasing a home that is much larger than your existing home or if you are unfamiliar with the costs associated with home ownership.  There is also the consideration of your ability to pay for the purchase.  Often foreclosed properties must be paid for in cash, so be sure you have the available credit.

Knowing The Facts

The process of purchasing a foreclosed home can be much more time consuming and complicated than a normal real estate transaction.  If the sale is occurring because an eviction notice has been served or if you are purchasing the property at auction, you may not be able to inspect the house before purchasing it or you may have to deal with some issues to get the current homeowners out.  There is also the issue of not knowing the condition in which they have left the home.  You will want to be sure you get the advice of both a real estate agent and a banker to ensure that your purchase is both a good investment and will increase in value over time.

Overall, purchasing a foreclosed home can be a great way to enter the income property market or find yourself a great investment opportunity, but being sure you have all the facts can prevent you from making a poor investment decision.

Get in Touch

Testimonials

Dear Stefanie,

Hi. Well the dust is starting to settle and we’re still unpacking, but we had...

Continue Reading


Dear Stefanie,

Thanks so much for all your help on my home - hunt. You were very receptive to my n...

Continue Reading


Dear Stefanie,

I want to formally thank-you for helping market my client’s property in Conwa...

Continue Reading


Blog

September 11, 2018

Family Three-Day Home Emergency Kit


September 04, 2018

Valentine’s Day Crafts For Kids


August 28, 2018

Understanding Interest Rates


Stefanie Schrekenhofer-Dace

950 Hogan Lane
Suite 4
Conway, AR 72034

Phone: (501) 428-3120

Stefanie@conwaycorp.net


Facebook twitter Favorites google
Facebook

Studio 11 Productions

Designed & Developed by Studio 11 Productions design copyright © 1997 - 2025

  • Powered by
  • Responsive Real Estate
(501) 428-3120
Directions