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What to know about foreclosed properties

When buying a foreclosed home in Georgia, it is important to know as much about the property as possible. In most cases, a buyer will acquire the property in an as-is condition. This means that the buyer assumes responsibility for any upgrades or other work that needs to be done on it. It is possible that the previous owner of the property intentionally damaged it just prior to being forced to leave.

Therefore, it is a good idea to have the property inspected to determine the scope of the repairs needed. Those who purchase a foreclosed home should exercise patience as they have little control over when the transaction will close. There may also be situations in which conflicts between multiple lien holders slow down the closing process. If a home has been neglected in the past, it is important to take into account the cost of repairs.

The cost of repairs could negate the fact that the home was sold for below market value. It is important to note that it isn't a given that the home will sell for below market value. As many people believe that foreclosures represent a good value for their money, foreclosed properties may attract many bids. This could push up the price and make a home more expensive than a buyer anticipated.

Buying a property going through a short sale or foreclosure may help a buyer get a house for less. However, buyers may benefit from doing due diligence prior to purchasing such a property. It may be a good idea to consult with an attorney who may be able to look for title issues.

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