Weigh the pros and cons when buying foreclosed North Carolina homes from state government
Purchasing a foreclosed home from the government get you a great deal on a wonderful house. It can also be a financial mistake if you don't research the property thoroughly. If you are considering buying foreclosed North Carolina homes from the state government, you'll want to do your homeowner first. You can increase your chances of getting the most out of a North Carolina state foreclosed purchase by weighing the advantages and disadvantages of each house.
Most foreclosed properties sell for considerably less than market value, which is the biggest advantage to buying a foreclosed home. The government is not trying to generate a profit by selling foreclosures in North Carolina, it just needs to recoup some of the money on the government-backed home loan.
Multiple financing options
Another benefit of buying foreclosed North Carolina homes from the state government is the numerous financing options available. Typically you can buy these homes through any bank or mortgage lender you choose. Many of these lenders can also help you get approved for a Federal Housing Administration (FHA) home loan program. In some cases you may also be able to assume the previous owner’s mortgage.
It’s a good idea to explore your financing options and get a pre-approval letter showing you can afford to buy North Carolina state government foreclosed homes before you make an offer.
One of the main disadvantages associated with North Carolina state government foreclosed homes is the fact they are sold without warranties. The government does not take responsibility for any repair costs. When you buy the home, you will be responsible for needed maintenance and repairs. Additionally, you may be responsible for back taxes or liens on the property.
You can assess the possible expenses of the home by researching the property title and paying for a home inspection before you make an offer. You may be able to negotiate lower prices by providing documentation of major issues.
Many people have found buying foreclosed North Carolina homes from the state government is a good way to get a new home or a real estate investment at a bargain. As long as you do your homework, you can evaluate the house’s pros and cons before making an offer. To find North Carolina government foreclosed homes, and other foreclosed properties, go to RealtyNow.