Wednesday, July 13, 2016

Lansing Michigan HomeOwner Tips: 3 Reasons to Consider Before You Buy a House in Foreclosure

When you and your family buy a house in Lansing Michigan, you have choices to consider such as the neighborhood, community, schools, whether or not you want to live in a suburb, rural or countryside. You may want to think about owning a condo, duplex, townhome, or simply a residential single family home. What's best for your children? To help you get started on the right track, you should get familiar with the process buying a house: What is the Process of Buying a House? Before you purchase, meet with your Dewitt MI REMAX Realtor to find out if the property is a REO or foreclosure. If it is, then you need to understand that this can be a lengthy, challenging and frustrating process. So ask yourself, "Should I buy a foreclosed house?" "Is this right for me?" Here's 3 top questions to think about: First, are you financially prepared, can you afford it? There are many surprising costs involved when buying a foreclosure. For example, you may find huge repairs, lots of vandalism and damage to the property as a result of neglect and missing kitchen appliances. You may have to pay possible liens against the property or unpaid taxes from former homeowners and other unexpected twists. Second, who is going to repair or fix the place? Are you hiring a renovation company and if so, are you comfortable living in the home while workers come and go throughout the day? Keep in mind the project could take up to 6 months or longer, can you wait or will you be stressed? Third, what is your timeline on buying a house? Are you willing to wait for paperwork to get filed? Foreclosure homes for sale can take up to a year before the closing date. So if you make an offer then you may not hear from the bank until 3 months later.

Real Estate Agent Advice and Article Data Presented by The Personal Marketing Company 2016.

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