Foreclosures often attract a solid amount of interest from buyers, and for a good reason. Pricing can be a big determinant in choosing a home and foreclosures often come at a great price, but not without a reasonable amount of risk. Before jumping into making an offer on a foreclosed home, it is important to do ample research, hire the right professionals, and be hyper-focused on the real estate market in general. As a reminder, a foreclosure occurs when a homeowner is unable to make mortgage payments. While every situation is different, foreclosures can mean things like unkempt homes and variety of necessary repairs. Therefore, it is critical to speak with foreclosure experts before signing a contract or jumping into anything financially.
Some of the most common mistakes that should be avoided when buying a foreclosed home include:
- Attempting to do it alone – far too many people think that they do not need a realtor or a real estate attorney for a foreclosure property and this couldn’t be further from the truth
- Failing to do an in-depth home inspection
- Having a short-term perspective – make sure to account for the home’s potential market value in the years to come
- Failing to study the neighborhood
- Looking solely for foreclosure properties
- Forgetting to account for repair costs in the overall price of the home
- Neglecting to research the foreclosure laws
The above mistakes are made far too often in the Illinois real estate market. While some of them may seem obvious, most of these errors are made due to a lack of expertise. At the Law Office of Brenda Murzyn, P.C., we explain your options and represent you in legal proceedings if you are facing foreclosure or want to prevent foreclosure. We can help with procedural review, foreclosure appeals, private investor solutions, real estate sales and closing assistance, post sale representation, and buy-back negotiations. Contact our real estate attorneys today to learn more!