Considering buying a foreclosure in Fairbanks AK or anywhere in the surrounding areas? Do you know what it takes to buy a foreclosure? Many don't and end up biting off more than they can chew. I am not willing to offer you the luxury of a great deal on a Faribanks home that you are not physically or financially prepared to purchase.
Buying a foreclosure in today's market is much like any other market in years past with the exception of more on the market. Although some homeowners are opting for the short sale route which can be a better alternative for them, many are succumbing to foreclosure. When a home is in short sale mode it means the home owner has done all they can to pay their mortgage and now they just can't afford it. Instead of idly sitting by and letting the bank take over the house they have contacted their lender when things got rough and worked out a short sale plan. This means that the homeowner is now leaving the sale in the hands of the bank and taking what they can get out of the home so the homeowner can leave free and clear.
Many times a short sale home is in slightly better condition for the same great price so this might be a better option if you don't want to handle too many repairs on your own.
But when the home is in foreclosure the banks have been forced to take back the home due to the homeowners default and non-payment for several months. At this point the homeowner has typically left the building and the home is left in a state less than desirable. This is not a guarantee though and some Fairbanks foreclosures may be in a better state than others. But don't be surprised if the homeowner has left with the stove, dishwasher and the cabinets.
On the bright side though, this leaves the future homeowner or buyer to customize the house as they would see fit. But, there is typically a lot more work than many first time homebuyers want to invest.
If you are serious about buying a foreclosure in Fairbanks know that they are fixer-uppers and many things can be a simple as cosmetic but it could be worse. Make sure you have a thorough inspection even if the bank states up front the home is sold "as-is" meaning they won't fix anything should you ask.
Even if they state this though, if something is severely a health or safety hazard the lender may realize they will need to take care of this no matter who buys the home so make sure you ask just in case.
The key to buying foreclosures in Fairbanks is to have the right buyers representative on your side through-out the process. If you have someone that knows the procedure and knows how to buy and sell Fairbanks foreclosed properties then you are well on your way to making an informed decision.
I would love to help you find the right Fairbanks foreclosure at the right price and terms. Please call me anytime at 907-590-3612 or email me at email@example.com
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