7 Myths and Facts About Buying a Foreclosed House – Irvine Real Estate – Irvine Homes & Condos

by Robert Mack on December 19, 2010

in Buyers, Latest News

Buying a house that has been foreclosed upon seems to be on everyone’s minds right now. With all the news articles about banks practically giving away homes, it’s exciting to think about getting an unbelievable deal on a house. Let’s separate the myth from fact so you can make a smart decision.

Myth: Banks are practically giving houses away.

Fact: Yep, you know I had to start with that one! Banks want to sell houses but they know they don’t have to sell them for a huge amount less than similar homes nearby. That being said, banks tend to price homes better than homeowners because their is no emotion involved- its just business.

Myth: Bank owned houses are trashed.

Fact: Though some bank owned houses are beaten up, some are in such nice condition that you would never know it had been foreclosed on.

via stockmarketsreview.com for the complete article

This is a great article and spot on! Keep an eye out for a video that I may create on this post very soon! Click the link at the end of the article to read all 7 myths and Facts!

Posted on Irvine Orange County Real Estate Market News

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Post by Robert Mack

Robert has written 727 articles.

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