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Should we consider buying a home in foreclosure?

Purchasing a home in foreclosure often appears to be a good value, but factors outside of the price need to be considered

  • The purchase of a foreclosure often is a "cash only" sale.
  • Can you view the actual condition of the home inside and out before placing a bid? The home may be in need of extensive repairs driving up the actual cost of the home.
  • Are there liens for taxes or mechanics liens that the winning bidder will be responsible for?
  • Is there a redemption period for the previous owners? If so, how long do they have the ability to buy the house back before you can move in?

Real Estate  

This information applies to Wake County in North Carolina.

Source: https://www.hollysprings.law/real-estate-faq

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