Three Questions When it Comes to San Angelo Foreclosures
1. Do foreclosures really cost less than an owner occupied home?
While much of the country has been facing the housing slump, San Angelo has not been hit as hard. Prices over the last few years have dropped some but many homes have not seen the drastic drops that many areas in the country have seen.
That being said, San Angelo foreclosures overall are typically less expensive or even below market value depending on the condition, style, location and amenities. Most likely you can purchase a San Angelo home at a great price.
2. Will there be a lot of work involved in a San Angelo foreclosure?
While no owner wants to face the reality of a foreclosure, the fact that it has happened can make for one disgruntled and saddened homeowner. Because of this many homes can see their fair share of destruction. There are San Angelo homes on the market that don't need much work but typically lenders will not do too much to home if anything at all at an inspection. That's why having a professional inspection is so vital to the purchase process. You really want to know what you're getting and how you can go about fixing, repairing or updating any issues.
Sometimes safety issues may be addressed with the lender if the home cannot be occupied. This is on a case to case basis and you should have your agent and lender negotiate this.
Most San Angelo foreclosures will need some cosmetic work done once you move in. Paint, possibly new carpets, appliances or flooring are the common issues. Rarely do issues such as plumbing and electrical needs come into play. But again, make sure you have a thorough inspection to be sure.
3. Will I have any recourse or issues from the previous seller or lender once I close on the home?
This is a common question and new home owners certainly don't want any past ghosts from previous owners or stigmas from lenders haunting them once they move into the home. This is where the title insurance comes into play. Lenders want to make sure they don't get burned again and will conduct thorough finance investigations before making the decision to sell the home. They don't want the home back either. Once a home closes there is a very slim chance that any repercussions from previous sellers, lenders or owners will present themselves. Because every home and every situation is different the lender, escrow and title will verify that all liens and debts are taken care of before you take ownership. This is not something you should have to worry about.
Make sure you discuss any concerns you may have with your San Angelo Realtor on the individual property. We would love to talk to you about the possibility of cashing in on a great home in San Angelo. There are plenty of homes below market value. Let us help you weed through the listings and find the right San Angelo foreclosure or short sale that meets your needs and your budget.
The Brenda Jackson Team would love to help you find the right home in San Angelo or any of the surrounding areas. Please contact them at BJacksonteam@aol.com. They look forward to hearing from you! Originally posted here http://www.brendajacksonrealestate.com/index.php?page_id=241 by Tammy Emineth