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Buying A Foreclosed Home: What You Should Know

Whether you’re on the hunt for a bargain or have fallen in love with a home that happens to be foreclosed, there are many things you should consider before making your final decision to purchase a foreclosed piece of property. While it depends on how you plan to buy the property, you may be going up against people and professionals who buy and renovate foreclosed homes for a living. That’s why our staff here at Grand Strand Law Group has come up with a few tips to help you make a more informed decision on buying that foreclosed home. 

Buying at an Auction

If you’ve found a foreclosed home online or drove by it on the way to work, the actual buying process can be different from buying a home that isn’t. Many people who try to purchase foreclosed homes often don’t realize they have to pay in cash – and not many people have ~$100,000 or more laying around the house.

Inventory Is Decreasing

According to information from RealtyTrac.com, the amount of foreclosed homes coming on the market is slowly declining and while the buying process is getting more and more competitive, it’s making the homes harder to buy. 

Repairs & Renovations

Before you purchase the property, at the auction, you don’t have a chance to view the inside of the home. This could mean some unseen repairs and renovations could become costly and overwhelming once inside. 

Buying a home is an exciting process and our legal team here at Grand Strand Law Group wants to be a part of your home-buying experience as your trusted closing attorney. If you have any questions or concerns regarding a foreclosed home or the home-buying process in South Carolina, don’t hesitate to reach out to us!

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