Foreclosed homes that are sold by a lender as real estate owned (REO) can be purchased at a fair price, though some drawbacks may exist. For real estate investors considering buying a foreclosure at the courthouse, this is the same situation. Taking these potential issues into account, it is possible to pay a significantly discounted price on a property.
Fort Lauderdale, FL -- (SBWIRE) -- 09/23/2020 -- REO purchase arrangements often benefit one side, so it's imperative to review the terms precisely. It helps to assess the property as though the seller has never lived in the home and might never have seen what the interior is like in person. Couple that with the fact that most people don't spend a lot of time and resources in looking after a home that would be foreclosed and might have been empty for a long time, and the need for caution becomes much more essential.
It is necessary to review the home condition thoroughly with both a general inspector and consult with experts on what has been discovered if circumstances permit. Investors will also want to get a land survey performed and check local records to ensure that there are no problems with breaches of the code.
Talking to neighbors may help with finding out if the property has issues. If the seller has performed repairs on the property, be sure to tightly examine them to make sure they don't just hide a significantly more serious problem.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on hard money lenders Miami or Orlando hard money lending, please call 954-816-0388 or fill out the application.