Foreclosures happen when someone is no longer able to pay the mortgage of the property they bought. And because the property was financed by the bank the property now belongs to the bank. FOB (Foreclosure of Bank) houses are sold as they are without repairing any damages if there are any. The process of buying an FOB house is different to purchasing non FOB houses. We assist you in making sure the purchase runs as smoothly as possible with no frustrations

Houses on FOB can either be move in ready or have some damage. The damaged houses tend to be more cheaper as the Buyer will need to fix certain issues before they can move into the house, but you have to consider the repairs needed compared to the discount you are getting. The type of repairs that could need to be done range from fixing or replacing pipes, fixing the roof, applying a new coat of paint etc.

 

Advantages of Buying FOB Houses

• Below market price

• You’re able to do inspections, purchase title insurance and secure financing before completing the purchase

• It can be a great investment

 

Disadvantages of Buying FOB Houses

• Repair work could turn out to be expensive

• You buy property that could have damages and fixing these problems is the Buyers responsible

• The process of purchasing the home can take longer than a regular home sale