If you’re like many people, you’re always looking for a great deal on the real estate market — and one way to find them is to browse Port Aransas foreclosures.
However, if you choose to buy a foreclosed home for sale in Port Aransas, here’s what you need to know before you make an offer.
Port Aransas Foreclosures: What You Need to Know
There are plenty of foreclosed homes for sale on North Padre Island and in Port Aransas, and for many people, it’s the best way to buy a larger home than would ordinarily be possible.
One of the other benefits of buying a foreclosed home is that you’re likely to get it below market value — and if you do, you’ll have equity in it the moment you sign the closing paperwork.
On the other hand, you always need to be on the lookout for substandard property conditions when you’re buying a foreclosure. It’s not that the original owners didn’t care about the home; it’s more likely that they had to decide between maintenance or repairs and making a house payment.
Your lender may not move as quickly as you’d like them to, either. Banks require extensive paperwork to sell a foreclosed home in Port Aransas or elsewhere, but you can do your part by providing your loan officer with all the paperwork he needs in a timely manner. You’ll probably need:
- Pay stubs
- Tax returns
- Bank statements
- Other proof of income
Your lender may require other documentation, as well, particularly if you’re using a federally backed loan.
Are You Looking for Port Aransas Foreclosures?
If you’re thinking about buying a foreclosure, check out our:
- North Padre Island home foreclosures
- North Padre Island condo foreclosures
- Port Aransas home foreclosures
- Port Aransas condo foreclosures
In the meantime, call us at 361-563-7788 to tell us what you want from your next home… we’ll help you find it!