Buyer Beware Avoiding The Potential Pitfalls Of The Current Chicago Foreclosure Market
For most of us, purchasing a home is a milestone in our lives and a worthwhile investment. It is for this reason that such a purchase must be considered carefully. Unfortunately, there are many scams in today’s housing market. There are countless unscrupulous persons who are more than willing (and in many cases able) to take advantage of unsuspecting individuals who may not have all the necessary information at their disposal. Fortunately, this blog will help you through the process.
Take the urban market in Chicago urban market for example, there are many houses being sold at rock bottom prices thanks to being foreclosed. From the onset, it would appear that you are bound to get a great deal. Still, the probability is high that you could be taken for a ride. What you save in purchasing cost you may lose in peace of mind and repairs. The process of buying a foreclosed house can be a very long and frustrating one, and you could very well be sold a lemon. Here are some of the things you should consider in order to avoid the pitfalls of buying homes in the Chicago suburbs
– How long the house has been vacant. The long a house has been vacant, the more likely there are to be lots of repairs. It is highly possible that you could be buying a shell that has to be redone from start to finish.
– Bear in mind that a short sale can take a long time before closing. Therefore, be prepared to hang in there for the long haul.
– Previous owners can be vindictive as losing their house has been much like losing their dream. As such they may deliberately do things to make life more difficult for you at the interim. This may include deliberately damaging areas of the property before vacating, among other things.