Everyone wants to find a great deal when buying a home. There is truth to the fact that foreclosed properties are often sold at a significant discount. However, real estate
transactions involving foreclosed properties can be complicated. Here are some hurdles you are likely to encounter if you are interested in purchasing foreclosures:
- Code compliance issues
- Category 1, 2 and 3 vacant buildings
- Cash only deals
- Appraisal issues
Additionally, if you are interested in acquiring and retaining property as an investor, you'll need to address issues such as:
- Property Management
- Certificate of Occupancy
- Optimal rental locations
Dan has a great deal of experience working with foreclosed properties, often called "bank owned" or "lender owned".
Check out the articles below for additional information about the foreclosure process and purchasing foreclosed properties.