What Makes Buying A Foreclosed Property Risk. You may get a money pit and not know it until it’s too late. Foreclosure commonly comes about because a homeowner has failed to make mortgage payments, but it can happen for other reasons too, like unpaid property taxes.
That's not to say you shouldn't do it. Possible problems with purchasing a foreclosed property that may result in significant costs include: You may get a money pit and not know it until it’s too late.
5 Great Reasons To Buy A Foreclosed Home Ashley Lyon
But if you do want to dabble in buying foreclosures, it's good business practice to first understand what makes buying a foreclosed property risky. Possible problems with purchasing a foreclosed property that may result in significant costs include: When buying a foreclosed property becomes a risky business is when the piece of real estate gets put up for auction. This issue is a common risk with foreclosed homes because you buy them 'as is.
