Advantages and Disadvantages of Buying Anderson SC Foreclosures
Buying an Anderson SC bank-owned or REO property is different than the home buying process for a regular home on the market. Below we list a few advantages and disadvantages to help you decide what’s best for you.
Advantages of buying Anderson SC foreclosures:
- The bank/lender will want to get the property sold and is willing to negotiate price, down payment, closing costs, escrow length, etc.
- The property title will be clear, and the buyer will not have to take on any liens, mortgage or back taxes left by the previous owners.
- The buyer has time during the normal due diligence/contingency period for inspections and mortgage financing.
- The house will already be vacant.
- The property will usually be listed on MLS so the bank will pay the real estate agent's commission.
Disadvantages of buying Anderson SC Foreclosures:
- The bank will not agree to do any repairs so the buyer will purchase the property "as-is".
- More paperwork is required when buying a bank-owned home.
- The bank is unable to provide disclosures as to the property’s history or condition.
For more information on buying a bank-owned property in Anderson SC, call us or contact us at www.SheilaNewtonTeam.com and we’ll guide you through the Anderson SC home buying process.
If you are looking to buy or sell a home in the Anderson or Greenville SC real estate areas, visit our website at www.SheilaNewtonTeam.com for tons of great information.
Sheila Newton Team
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors