With the large number of foreclosed homes on today’s market, homebuyers are considering them for their housing needs, often due to below-market pricing. While saving upwards of 25% off the market price of a home can sound very enticing…are the risks worth the rewards?
In the end, if you are not a risk taker, and would prefer peace of mind on this significant investment, not only is it still a great time to buy a home, it is a great time to buy a NEW HOME. The rewards of building or buying a new home are evident when you look at the facts. NEW HOMES are protected by workmanship, material and structural warranties, protecting you from large out-of-pocket expenses after purchasing. NEW HOMES are available for immediate occupancy or in a timeframe that is conducive to your moving schedule, and are available in a variety of designs, sizes and locations,
giving you many choices. NEW HOMES are often available with Special Incentive Programs, making it more affordable for your to own a new home in many instances. NEW HOMES are open for you to make them your own. Why live in someone else’s dream home, when you can live in your own? NEW HOMES are more energy efficient, saving you money and helping the environment.
Foreclosures can come with many risks. You are purchasing the property as is. Often times, when a previous owner is unable to meet the financial obligations of a mortgage, they are also unable to meet the financial obligations of maintaining their property altogether. Buying a new or resale home requires full disclosure on details and drawbacks on the property, so the seller is liable. There is no requirement on disclosures with a foreclosed home. This opens your pocketbook to liability. Along
the same lines, when being evicted, owners don’t necessarily care what shape they leave the home before they are forced to leave. You could end up with steep cleaning, repair and maintenance bills to get the home back to a livable condition. Foreclosed homes do not come with any kind of warranty, and often times are not even available for inspection before purchase. This leaves the new owner open for substantial risk, with additional investments having to be made for repair and replacement work. Keep in mind that if you are buying a foreclosed home versus a new home, you are limited to the locations, features, characteristics, etc. of the homes. Also, if a bank has not begun to initiate formal foreclosure proceedings, you may have to evict the foreclosed owner, tenant or whomever else may be occupying the property yourself. You need to be a savvy buyer. Some properties are mortgaged so steeply that banks often ask for bids that are higher than the property is worth. You need to research the home values in the area you are looking in. Buying a foreclosed home is a different buying process, so you need to be well educated and well prepared. The process can take months, even well over a year, depending on the bank that owns the foreclosure. Although often times purchasing a foreclosed home might mean a discounted purchase price, if the home is not available for inspection before purchase, getting a mortgage can become quite difficult.
Don’t settle. Instead, settle into a brand new home, instead of the stress or disruptions with buying a foreclosure. When it comes to homes, there is something to be said for new. Walking in, on day one, with all the new touches that you helped pick out yourself. When you build with Saddletree Homes, you don’t have to settle. You don’t have to inherit someone else’s headaches. Instead, you get more of what you want: new appliances, up-to-date decor, new carpet, a contemporary floor plan and a comprehensive warranty. All in a great location that suits you.
Not only that, but you can rely on our quality and value for years to come. With a new home that’s built to be energy efficient from the ground up and something you can’t count on from homes built ten, even five years ago. With Saddletree Homes, you can focus on what’s really important: Enjoying life together in your new home.
