You might wonder, should you buy a Foreclosed Home? Would it be a “Good Deal”?
Watch this Video as Sat explains and gives insight on why Foreclosed Homes are NOT the deal you might expect it to be… and here’s why:
Before buying a foreclosure home especially in this changing economy, there are many things you should consider and understand the risks with the process of foreclosed homes. The process is not different than any other, yet one BIG difference is subject in favour of the seller.
➡️ Subject to Court Approval. Once Buyers provide Deposit, the Bank applies for a court date and lets everyone else know the amount the offer was accepted for, and on that court date all interested parties have the opportunity to bid on the property.
➡️ Sufficient Time & Exposure for Marketing: There’s plenty of time within the process for the property to be marketed, exposed to get the best market value possible.
➡️ End Results Expectation Vs. Reality: With all the interested parties involved in bidding on the property, you most likely will end up paying more than you initially would want to.
Want more information about this topic, feel free to reach out to us!
Sat Swaich
(604) 832-3225
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