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Buying a Foreclosed Home Has a Longer Closing Period

Posted by SanLuisOpisboMom.com on Tuesday, July 22, 2014
Many home buyers are looking for foreclosed homes with the hopes that they'll steal a deal and feel good about it. Unfortunately, it typically takes longer to close a deal if it's a foreclosed (bank-owned) home. If you are not limited on time and don't mind the risk of having to put in a lot of money to fix your home in the short run, a foreclosed home may be a good fit for you. 

For those who are first time home owners and aren't good at fixing and construction, I don't recommend you looking into a foreclosed home, unless you have the capital to hire professional help. More times than not, they are really run down and you can't obtain any information from the previous owners because this home now belongs to the bank. They are not liable to providing any history to you. You basically buy at your own risk.

If you are set on getting a foreclosed home, get ready for a 2-3 month closing period after you've submitted an offer. Sometimes it could take longer than that before you can get the keys and move in.

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San Luis Obispo Mom Originally from San Diego, California, I'm a San Diego State University alumna, veteran's wife and mom of two kids who were born two years apart. After living on the East Coast for 6 years, we now reside in San Luis Obispo County and here, the exploration continues. In between work and momming it, I like to exercise.
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