Buying a Foreclosed Property in Wisconsin
Are you considering buying a foreclosed property? Purchasing a foreclosed property might seem like a great idea, but it can also be a high-risk venture. A foreclosed property can be a great investment opportunity under the right circumstances – if you do your homework.
Buying a foreclosed property at an auction can be risky because you won’t have a chance to thoroughly inspect the property and typically would be buying it in “as is” condition.
A safer choice might be a “bank-owned” property because banks often sell foreclosed properties below market value to get rid of them fast. The good news for buyers is that banks are required to pay off any liens against these properties.
Keep in mind that as many as half of all foreclosed properties have major damage from a former owner. Missing plumbing, holes in walls, and broken appliances are all common.
Buying a foreclosed property can be a great deal if you can handle and afford some risk… but if that is not your cup of tea, you might be better off buying a house without a troubled history.
If you are considering purchasing a foreclosed home, one of our experienced professionals can guide you through the process. Please contact our office. A Realtor is ready to speak with you today! 1-920-432-1007