Profile picture for JoVonna Schlosser

JoVonna Schlosser

Premier Agent

4 Recent Sales (last 12 months)

Associate Broker (9 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Consulting

Advice

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Is buying a foreclosure better than buying full price? What risks are involved?

Answer

When working with buyer's on foreclosed homes, I always want them to be aware of what I think is the #1 risk, that is utilizing of personal funds to get into this type of property. The bank may not be willing to pay for repairs, appraisal's and/or title insurance (this is big one). So, a buyer maybe required to pay for these items, if for some reason the buyer's lender does not close the buyer's loan. The buyer can be at risk of loosing some or all of the personal funds used.

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