Forclosures... enticing thought for a new homebuyer. Seems like it would be a no-brainer to pursue a home that is bank owned. If it's a forclosure, that means it's a bargain, right?
Maybe, Maybe NOT.
These days, bank forclosures may or may not cost less than the average home on the market. And they come with many pitfalls that leave them on the market for quite some time.
If the home was not purchased at the Philadelphia Sherrif's Sale...
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Good post. We always have buyers who ask "What about foreclosures ? " which typically are the same buyers doing FHA loans or have just enough money for the down payment and closing costs.
Frankly, I get emailed foreclosure lists from time to time and really do not see a lot of good deals their.
Philadelphia Real Estate
Thanks Christopher and Stephanie, I very rarely come across a forclosure that's an actual good deal. Investors can get them, but it happens so seldom.