Homebuyers are always looking for bargains. It is good to get a house for a cheap price, but most bargain homes are distressed properties. There are both pros and cons of buying distressed properties. The most obvious advantage is the relatively inexpensive price, but it is likely the low price is due to a short sale on a foreclosed home.
Buying foreclosures is different than buying other homes. For example, foreclosed homes are sold ‘as is,’ and sometimes homebuyers are not allowed an inspection before buying. It is possible to end up with a home that is not livable but also too expensive to fix.
Many distressed property buyers make their purchases using cash. If you need a loan, understand that some distressed properties might not meet the requirements of some lenders. Andraya Coulter, a California loan officer in the San Francisco Bay Area, has the expertise to help you with your potential purchase. For more information about distressed property loans in Northern California, please contact Andraya Coulter in the Bay Area today.