If you’re like many people, you’re wondering whether it’s a good idea to buy a foreclosure in Port Aransas or North Padre Island.
After all, foreclosures often sell for less than market value – and you’d make out like a bandit when it comes to equity, right?
The truth is that buying a foreclosure isn’t always a good idea.
Pros of Buying a Foreclosure in Port Aransas or North Padre Island
If you’re buying a foreclosure, it’s probably true that you’ll spend less than market value on the home.
Sellers who are in foreclosure – before the lender actually takes possession of the home – are often in a big hurry to sell, too. That can work in your favor.
Sometimes lenders are willing to negotiate the price, particularly if the home has been on the market for more than a little while.
Cons of Buying a Foreclosure in Port Aransas or North Padre Island
Remember, you’re not the only person in Port A or on North Padre Island who’s looking for a great deal on a foreclosure. In fact, you might need to dive into a bidding war – and the home’s price can jump up quickly (and exponentially), and that can negate any savings you might have seen.
You’ll also need to account for the fact that when you buy a foreclosed home, the previous owner didn’t have the money to make mortgage payments. What if he or she didn’t take care of routine maintenance (or major issues) because of money problems?
You may also inherit debt connected to the home, so it’s important that you work with a reputable title agency and that your Realtor® thoroughly vets the property.
Foreclosures in Port Aransas and North Padre Island
You can come out ahead by buying a foreclosure in Port Aransas or on North Padre Island, but it’s extremely important that you work with a qualified expert who understands how to help you through the process… and who’s looking out for your best interests every step of the way.
Are You Moving to Port Aransas?
If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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