Perhaps the best benefit of buying a foreclosed home is its price. Because it’s foreclosed, someone or some entity, like a bank, is trying to get rid of it. Therefore, they’re willing to sell it at a bargain price. Many people have enjoyed buying foreclosed homes that were once selling for, say, $400,000 for…$150,000. Now that is a bargain! It’s a way to move into a desirable neighborhood for a fraction of the price others had to pay to be there.
Most foreclosed homes are sold “as-is,” so the new owner may have to pay to fix some things. It’s a good idea to hire First Choice Inspectors to come inspect a foreclosed home on your behalf, so you know what you’re “getting into.”
Why have a foreclosed home inspected? Well, typically foreclosed homes have been unoccupied for quite some time. Because no human beings have lived there, some things might have gone wrong over time. When people live in a home they use the sinks and toilets regularly. They open and shut doors and windows. They take care of the place. Foreclosed homes, though, don’t have people doing such things, which is exactly why you’d want to get the home inspected. It’s better to have a professional set of eyes look at the state of the home than to just buy it “as-is” not knowing important details of its overall condition.
Foreclosed homes can be a great bargain. Just be sure to hire a good home inspector to check for any defects first, if possible, so you can make an informed buying decision. Spending a couple hundred dollars for an inspection can ultimately save you thousands of dollars down the line.
First Choice Inspectors can inspect foreclosed homes in Chicago and surrounding areas. Call 773-429-9711 to schedule an appointment.