Matthew Frankel Source: Respres.
Over the past several years, many people have gotten great deals on homes because of foreclosures. While the inventory of foreclosed homes in the market is not nearly what it was a few years ago, there are still many to be found. In fact, in some areas, the foreclosures from the 2008-2010 period are just now making their way through the court system and appearing on the market.
In the right situation, a foreclosure can be an excellent way to obtain your dream home at a much better price than you would expect. Buying foreclosures can also be an great way to acquire investment properties, as many foreclosures are duplexes, triplexes, and smaller single-family homes that can become lucrative rentals.
Even though foreclosed homes can be a good deal, they definitely carry their own issues and risks that buyers need to be aware of. Let’s break down a few of these and see if they should affect your decision on whether to buy the property or not.