We often look back to those financial crisis days in 2007 when speculators made millions through bargain deals scooping up foreclosed or distressed properties.
It is estimated that more than 9 million homeowners went through a foreclosure by surrendering their homes to their lenders or via distress sales between 2006 and 2014.
But those days are over.
The conditions have improved a lot and keen competition prevails on whatever few properties are there in the foreclosure market.
According to realtors, foreclosures are selling at a median discount of 16%-18% below the market value.
A Prince George’s county foreclosure attorney is of the view that there are risks while buying distressed properties.
Here are a few points to keep in mind while buying a foreclosure property
Check the title
See if the property has changed hands and how often. This can affect the title.
See if there are legal claims on the property
Look for liens in the public records so you will know upfront what needs to be done in case of issues. In this regard it may make sense to get assistance from Prince George’s county foreclosure attorney.
Do not compromise on inspections
Be absolutely thorough with all the nook and corners of the property so that you are confident of what you are buying. It is important that the property eventually must meet certain codes and standards.
It is tempting to feel that you can navigate the foreclosure process on your own.
Remember a lot of information you need is in the public domain. It means it is quite a task to track all information, let alone complete it fast enough so that you can close the deal in an appropriate manner.
