At any given time, there are Bucks County foreclosure homes for sale. Many potential home buyers think they are a good investment or a good way to get a bargain. Sometimes both of these are true and sometimes not.
Before spending 15 years selling real estate, I rehabbed and flipped houses as a hobby. Many of the properties we bought were short sales or foreclosures so I’ve learned a lot along the way. The distressed properties have usually not been properly taken care of for a long time. There usually is more wrong with the house than the eye can see. So you need to budget for the unexpected.
If you’re in the market for a Bucks County home and you think a foreclosure could be a good deal, consider the angles carefully.
1—Most foreclosure homes are fixer uppers – If you’re interested in a turnkey home, foreclosures are not for you. However, if you’re handy and want to take on a fixer upper, be sure to crunch the numbers to make sure it really will be a good deal.
2—It can take a lot of paperwork – Because the short sale process is more complicated than buying a traditional piece of real estate, it can take longer to close. I’ve seen couples write multiple offers on a variety of properties before one is accepted. There are many reasons why this can happen. I’ve seen short sales with more than one mortgage lien on the house get approved by the first mortgage and rejected by the 2nd mortgage company and then the house go into foreclosure because the situation could not be resolved.
3—You’ll need pre approval – many people look for houses online and wait to call the bank when they’ve found their ideal property. Foreclosure homes can move fast so it’s important to talk with your lender before you get your heart set on a particular property.
As a long time real estate agent in Bucks County, I have relationships with the banks and often know of foreclosure homes before they come on the market. If you’re thinking of investing in a Bucks County foreclosure property, call me at 215-272-0486 or fill out this form I can answer your questions.