You Have to Pay Cash for a Foreclosure – With some sheriff sales, this may be the case, but a lot foreclosures that have been put on the market can be bought with a mortgage.

You Are Not Allowed to Have an Inspection on a Foreclosure – This is not the case. It is highly recommended to have an inspection before buying ANY home.

All Foreclosures Required Extreme Renovations – This may or may not be the case since not all foreclosures are the same. There are a lot of different reasons a home may be foreclosed on and not all need renovations.

Foreclosures are Good Deals – Maybe sometimes with a sheriff sale, but, with most bank owned and re-marketed foreclosures, you will probably pay close to sticker price.

Foreclosures Have Hidden Costs – All homes can have hidden costs. Not necessarily specific to a foreclosure.

Foreclosures Are Risky – There is inherent risk in buying any home. Foreclosures aren’t necessarily more risky. It’s good to have a professional Realtor to help you know what the risks are in any home purchase so you can navigate through the process with confidence.
Music: It Just Makes Me Happy by Dj Quads
Photo Credit: 
Gregory Culmer

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.