Buying Gulf Shores foreclosures has its risks as well as its rewards. Who wouldn’t think that homes going for 50 percent less than their value would be a great deal?
Buying Gulf Shores foreclosures may seem like a once-in-a-lifetime opportunity, but buying these troubled properties can be a frustrating and time-consuming process. And when buying foreclosed property, you’d better know what you’re doing and getting into.
Buying Gulf Shores Foreclosures May Mean a Handyman Special
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reclosed properties, whether they are advertised as such or not, are often times “handyman specials.” Many of them have been sitting vacant for months, even years, and could require some major repairs. And general repairs are not the only thing you may be facing when buying Gulf Shores foreclosures, as previous owners may have decided to take out their anger over losing their home on the home itself.
Some angry owners have been known to do all sorts of damaging things to homes before they vacate. Things like putting concrete down drains that could literally damage a house beyond repair if the entire plumbing system has to be ripped up and replaced. Or removing all the copper pipes in the home and selling it for cash. Don’t laugh, it’s more common than you may care to believe.
On the positive side, some buyers do actually get a good deal and a good house when buying Gulf Shores foreclosures, so don’t think buying these distressed properties is necessarily all gloom and doom.
If you’re considering the idea of buying Gulf Shores foreclosures, be vigilant and do your homework. Having an agent to assist you, and especially a home inspector, may help to avoid hidden surprises after you are the proud new owner of someone else’s lost dream.
Questions or comments about buying Gulf Shores foreclosures? Use our comment box to ask and we’ll get back to you with answers.