7 Questions Foreclosure Buyers Should Ask
Is now a good time to buy a foreclosure? Local markets vary based on location. There are questions buyers should ask before making an offer on a property in foreclosure.
Buyers should be preapproved for a loan before they start to shop. If a buyer is buying as a second home or investment property, they need to understand financing will be more expensive and than financing a home to live in.
Buyers need to be aware of unpaid liens, taxes, home equity lines, utility bills, second mortgages, etc. These obligations could become the new buyer's responsibility when they purchase the foreclosure. If the property goes through a foreclosure auction and becomes bank-owned, the outstanding fees could be transferred to the new owner.
For additional information, go to http://www.alabamahomeslp.com/Foreclosure_Help/page_2046582.html