Foreclosures Homes; An Insight into Their Pros and Cons
New Jersey is the state with the most foreclosures although they have become a thing all over the country. The number of foreclosures is something that has been increasing over the years, and it is, therefore, no surprise to see it rank top. Residents have raised multiple objections about the numerous vacant properties across the state being an eyesore, and it is not difficult to spot one. The issue has become so serious that area governor is now creating a number of bills that are aimed at reducing the time that a property will actually sit vacant, and give homeowners more say in keeping their homes in the first place. Statistics show that one in every one thousand and six homes is either being auctioned, is in preforeclosure or has been listed as bank property. While this is a reason for worry, the number of foreclosures has gone down this year alone. While there is plenty of attention surrounding a homeowner who is facing foreclosure or has just been through it, someone looking to buy a home at a lucrative deal is presented with an opportunity in the form of the vacant house. This, being an investment, ha both advantages and disadvantages that you can learn about by reading more here.
You don’t have to worry about the title if you are purchasing a home in foreclosure. As soon as you are buying the house, you also gain lawful ownership of its title. In some cases, some buyers will end up buying a title tied to a mortgage or back taxes. While some buyers may think that this is always cleared up when buying, it is always a different case since some titles don’t have a record of previous ownership. Foreclosure means that a bank takes ownership of a home and retains its title.
The ‘as is’ condition associated with buying a foreclosed home can be costly. As a buyer, you are presented with a great deal thanks to the ‘as is’ condition which means what you see is what you get. If there are any repairs and renovations needed, it is up to the buyer to take care of them. The problem is unless the buyer is knowledgeable and has fixed up houses before, the problems may not be evident. What you may think is a minor surface repair or renovation may turn out to be a bigger problem and a massive project. In the process of taking care of the problem, you may end up losing a lot of time and money. Any home being bought in as is a home inspector should check condition before the deal is completed.