Buyers Beware When Investing in Foreclosures in Knox County OH
We’ve been covering the unprecedented rise in foreclosures across
On the opposite side of homeowners who are struggling to meet their mortgage payments are those who are eager to capitalize on the trend by investing in foreclosures and – they hope – selling them for a hefty profit.
While this seems like an easy enough idea on the surface, potential investors should take care to investigate what they are getting into before heading to an auction or purchasing any property sight-unseen.
As this article on RealEstateJournal.com details, there are caveats to investing in foreclosures. If you are investing in a property with the hopes of flipping it for a quick re-sale, you should consult an experienced Realtor first to get a clear picture of the current real estate market in your area. If homes are not moving off the market quickly, you could end up with a property that won’t sell simply because there aren’t enough buyers in your area. Also, some homes may come with major structural damage, hidden liens, or utility bills that need to be paid. Since these properties generally cannot be inspected prior to purchase, it is important to weigh out how much you are willing to invest in improvements over and above the actual price of the property.
If you are thinking of investing in
