Salem Oregon Horse Property: June 2011

Buying Acreage Foreclosures - Is it a good idea?

Is buying acreage foreclosures a good idea?

It can be if you are prepared.  There are several factors to consider about your unique situation before answering this question.

For example, what type of financing are you using for your purchase?  Cash?  Great!  FHA, VA or USDA?  It's going to depend on the condition of the home.  Conventional?  Probably ok.

Acreage foreclosures in Oregon

Another consideration would be if the bank or foreclosure institution is selling the property as-is.  Will they provide the well purity test required here in the State of Oregon?  Will they provide a 4 hour flow test on the well so that you don't have to pay for it up front?  Will they pump the septic tank and pay for that inspection or will you have to pay for that as well?  If you have the extra cash to spend on these necessary inspections, great.  But what if you don't?

 When you have your appraisal done, what if there are repairs required as a condition to your loan and the seller/bank will not pay to have them done?  Are you up to risking your money to fix them BEFORE you actually own the house?  That is a big risk.

If you are handy with a hammer and don't mind a little "sweat equity" you might be able to find a great bargain out there.

The bottom line is that every buyer's situation is different, every seller is different, every property is different and every loan is different.  There are no 2 real estate transactions like, now more than ever!  So, let's see what your options are!

Real Estate Agent in Oregon Catherine Ulrey

 

Catherine Ulrey, Broker in Oregon

Equestrian Real Estate Specialist

 

Keller Williams Capital City

503-999-4497 Direct

Horse Property for Sale in Oregon

info@homeswithhorsesense.com 

Serving Salem Since 1997

 

 

Willamette Valley Horse Owners Fan Page blog feed for Homes With Horse Sense Linkedin for Catherine Ulrey Twitter for Homes With Horse Sense Catherine Ulrey You Tube channel 

newsletter for equestrian living in Oregon

 

Comment balloon 1 commentCatherine Ulrey • June 22 2011 08:19PM
Buying Acreage Foreclosures - Is it a good idea?
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Is buyin g acreage foreclosures a good idea? It can be if you are prepared. There are several factors to consider about your unique situation before answering this question. For example, what type of financing are you using for… more
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