Buying Foreclosed Properties 101: 5 Things Realtors Don't Tell You

The Five Things Realtors Don’t Have To Tell You When Buying Foreclosed Properties

foreclosed propertiesYou and your new bride want to buy a house together so you can start a family. You want something affordable that won’t break your bank account or empty out all the loot you received as wedding gifts. So you start looking at foreclosed properties. But be careful. Usually, foreclosed properties in good condition go for market rates especially if the property is under 20 years old. There could be some serious issues if the property is priced below market value for the area.
Realtors are not legally obligated to tell you some things about the house. These issues could impact your decision. Most realtors will lie if they neglect to inform you of a material defect. Realtors will say they had no knowledge of the issues they are obligated to tell you. They will also blame the buyer for not having a thorough enough home inspection if the issue is a structural or a material defect that could impact future value. 

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