Looking For A Springfield MO Foreclosure Property? Avoid These Common Mistakes.
There are a lot of bargains on foreclosure properties in the Ozarks, but there are also some not so good deals too. We've seen the full range of properties from like new condition to absolutely trashed. Learning some of the risks of buying a foreclosure will keep you out of trouble and prevent you from making a purchase you may regret later.
Many people have the misconception that all foreclosed homes are bargains. While many are, many are not. Banks don't want these homes on their books. They don't care about the home's condition; they just want to sell it. Make sure to do your due diligence before buying.
To avoid paying too much, foreclosed-home buyers need to know area home values, condition of nearby properties, neighborhood trends, zoning and other issues that can affect the property's value. Sometimes bank-owned REO properties in Springfield are priced below market value to encourage a bidding war and increase the sales price. This can result in homes getting in a bidding war.
Don't make the mistake of not getting an inspection on the home. Many of these homes have both visible and hidden damage from outright abuse or deferred maintenance. Banks generally sell homes "as is" and may not be willing to make repairs. At the very least with an inspection you know what you are getting into and can terminate the contract within the inspection period if the damage is too severe.
Make sure to have a professional title search before closing. This will make certain there are no liens for unpaid taxes, mechanics liens, or hidden ownership claims to the property. Any "clouds" on the title must be resolved before closing. Also make sure to purchase owner's title insurance to protect you in case of any unexpected liens or claims against the property. The one-time cost of the insurance provides protection against claims on the home that could arise after you become the owner.
Buying a Springfield MO foreclosure property can be a good deal if you are careful and do your due diligence. Make sure you save enough cash to do the needed repairs and ask lots of questions during the process. A qualified REALTOR® can make your search and purchase enjoyable and a success.
About The Authors: Betty Knowles is a full-time REALTOR® with Southwest Missouri Realty in Springfield, MO She also served as President of Women’s Council Of REALTORS® in Southwest Missouri. Betty’s genuine passion is helping people buy and sell homes in Springfield, Ozark, Nixa, and surrounding communities.
John Knowles is likewise a REALTOR® with Southwest Missouri Realty and a member of the Greater Springfield Board of REALTORS®. John is also a FAA part 107 certified drone pilot to get those amazing shots and videos of our properties!
Together this dynamic team makes up TeamKnowles REALTORS®, Spouses Selling Houses! They are dedicated to doing what it takes to sell your home in the greater Springfield real estate market, or help you purchase a home that fits your particular needs. Give TeamKnowles a call today; you’ll be glad you did!
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