Click here for a current list of Sumner County foreclosures.
Diversify Your Portfolio
In every challenge there is an opportunity. Perhaps the opportunity in housing today is to use some of the equity in other assets we currently own to purchase real estate while it is low and mortgage money remains cheap. The Wall Street Journal and Forbes Magazine both suggested this exact strategy to their readers.
One of those real estate options is purchasing foreclosure properties. There are some hidden dangers in buying foreclosure properties that, if you’re not aware of them, could be disheartening and disappointing. If you are pursuing this route in your investment strategy, be sure to look out for these hazards and hidden costs.
- Destruction of Property – A sad truth about foreclosure properties is that they have often been purposely destroyed.
- Poor Maintenance – If a homeowners were unable to afford their mortgage payment, they almost certainly were unable to perform routine maintenance on the property.
- It May Be Unclean – Depending on how long it was left and what condition it is in, there may be vermin or termites to deal with.
- Undesirable Renovations – Sometimes homeowners were in the middle of a renovation when they lost their ability to pay their mortgage, so you can wind up with a half finished project on your hands when you purchase the property.
- No Electricity – There is a good chance the electricity will be off in the foreclosed home, so you will have a hard time seeing what you are buying.
- Personal Property Left Behind – Many homeowners leave items behind, either because they now have no place to put them or because they were locked out of the house before they could retrieve them.
- Lack of Landscaping – More than likely, nobody has been maintaining the lawn of a foreclosed home.
- No Disclosure – Because the owner of the property is a bank and the bank has not actually lived in the house, they have no idea what problems or issues there may be in the home and they have no obligation to tell you even if they did.
- Stripped Bare – You may find your new foreclosed home completely stripped of appliances, copper piping, and anything else that might be worth money.
- Judgments and Liens – Foreclosed properties can sometimes come with titles encumbered by judgments or liens that you may have to pay off to close on the deal.
In short, buying a foreclosed property can be a great way to save money. However, be sure to look into all the potential costs involved before making a final decision. Do the math to determine if you will really wind up saving, or if the property will end up costing you when all is said and done.
Sumner County Foreclosures for Sale
Today in Sumner County, 22 foreclosed homes are available for sale. Presently there are 9 under contract. The average list price is $125,022 with an average days on the market of 50.
Looking for a lender?
So you’ve found the perfect home and you are ready to make an offer. Are you pre-approved? The following are 2 very respected loan officers in the Hendersonville TN community that can assist you with that. You can contact Craig Sanders at F&M Mortgage (615)498-5626 or Carolyn Cole at Reliant Bank Mortgage (615)943-1982.
Have you visited Hendersonville TN?
Located in Sumner County, 18 miles NE of Nashville & 20 miles from Nashville’s International Airport, Hendersonville has become one of Tennessee’s fastest growing communities. Movoto Real Estate ranked Hendersonville as #5 in their 10 best suburbs in the country. Click here for current listings in Hendersonville TN.
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Tina Redding, Realtor, EXIT Real Estate Solutions, 103 Hazel Path Ct, Suite 2, Hendersonville TN 37075Cell (615)268-5985/Office (615)826-0001/Email firstname.lastname@example.org/homesbytinaredding.com
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Resources: Amanda Kostina, Keeping Current Matters, Wall Street Journal, Forbes Magazine