It feels wonderful when one lives in his/her own home and never has to pay a penny of rent to a landlord. However, for many of us, owning a home is just a dream, a dream that can rarely come true and in certain cases can never be fulfilled. Buying a foreclosed home for sale is the key for the fulfillment of such elusive dreams. You can now own a home of your own through a foreclosure home auction. These auctions sell homes and properties at much lower rates and can at times be actually within your budget!
However there are a number of questions to be answered before you jump into a home foreclosure auction. Some of them are listed below. See if you can find answers to them.
Is it wise to place a bid for a house you cannot inspect?
There are a large number of auctions which DO NOT present the house for inspection to the buyers. You are just given details of the house and are asked to place a bid. Is it wise to do so? Would the consequences be pleasant? Or will you lose all your money? The low price may tempt you to place a bid. However, do sit back and think if the repairs you need to make afterwards are twice the bid amount? Try to investigate the property up for sale at a foreclosure auction yourself if you are not allowed to inspect the property. There are a number of other ways like estate agents and neighborhoods to get useful details about the house which may influence your bidding decision.
What is the prevalent condition of the house?
This is a question that is probably more important than the question of knowing the tenants. The condition of the house may have a considerable effect on your purchase decision. Never forget that there is NO Guarantee on the condition of the house. If the house collapses to the ground just a week after your bid wins, you cannot blame or confront anyone. Nor will appliance or electrical or water supply or plumbing malfunctions be fixed by the foreclosure company or the HUD. You will have to make all the repairs you deem necessary yourself. Place a bid only if you feel you can make that effort if you win.
Can you bear uncertain conditions?
Make sure you have strong heart before you even try to think about buying foreclosure homes. Nothing serious, but remember the original owners had to give up the house because they could not pay for it. They are leaving the house in anger or depression. You may find unusual things inside. Some owners leave behind all the appliances. Others leave their animals locked inside as well. These animals might even be dead by the time you unlock the door.
Make sure you get reasonable answers to all the questions mentioned above before you make the decision of placing a bid for the foreclosed home. These answers may not affect your financial condition but can save you from large mental trauma if conditions turn out unfavorable after the bid is won. You can greatly estimate the post bid outcome if you are successful in collecting meaningful and true answers to these questions. Finances for the project can be arranged by one way or the other if you are fully satisfied with your decision to purchase the foreclosed home. However, if your decision turns out to be wrong, you will have to bear the guilt of investing your finances in the wrong direction,
We dream of buying a home because we are always in search of peace and relaxation. But what if the property bought for the purpose of peace and safety makes your life miserable and prone to disasters? Would you still want to invest in such a property? Probably not.
These questions can be answered with just some simple research. Don’t be afraid to investigate. No one can file a case on you just because you are asking questions or analyzing situations. Asking around the neighborhood can be the best place to get answers to such queries.