You’ve heard that buying a foreclosed home is a good idea. But you’re not sure why. Below are two benefits of buying foreclosed homes in Santa Cruz.
• Foreclosures are typically priced below their true market value. How much money can you save by buying foreclosed homes in Santa Cruz? Most sources say 5 to 15 percent is the average amount saved by buying a foreclosure.
• You can afford to get a larger or more luxurious home. Because the price is lower than the true market value, you can usually buy a larger foreclosed home for the same price as a smaller home that isn’t going through foreclosure.
There are also risks involved when buying a foreclosure. Before deciding to buy a foreclosure, ask yourself these questions:
• How much experience do you have purchasing a home, especially a foreclosed home? If you don’t have extensive experience, hire a professional real estate agent who specializes in foreclosures.
• What is your financial situation? Foreclosures can surprise you with unexpected expenses. Repairs may be needed due to the property sitting vacant for a long period of time. Be sure you have enough money for the down payment, closing costs, mortgage payments, repairs and other unexpected expenses.
If you’re interested in buying foreclosed homes in Santa Cruz and want to work with an agent who specializes in foreclosures, give me a call at 831.662.6522 or email me at Lauren@LaurenSpencer.com.
For additional information please visit my home page at www.MySantaCruzRealEstate.com.
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Buying a foreclosure
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