Raining Cats And Blogs: December 2012

Advantages and Disadvantages of Buying Anderson SC Foreclosures

 

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   
Sheila Newton Team 
Berkshire Hathaway HomeServices -
C. Dan Joyner, Realtors
864-225-1205 (direct)
864-940-6377 (mobile)

www.SheilaNewtonTeam.com    


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Advantages and Disadvantages of Buying Anderson SC Foreclosures
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