Buying a foreclosed property can get you a great deal on real estate. However, there are risks associated with foreclosures. Before you submit an offer on that foreclosed property that currently belongs to the bank, make sure you consider the following foreclosure risks.
The condition of the property
The condition of a foreclosed property is not always guaranteed. It is much different than when purchasing a previously owned house through an FHA or conventional mortgage. When you get a mortgage, the mortgage provider usually wants to complete an inspection. Depending on your type of funding for the foreclosure, an inspection might not be required.
This does not mean that you should skip the inspection. Although you expect a foreclosure to be in less than p