Lexington, KY Foreclosures for Sale Explore Foreclosed Homes for Sale in Lexington, KY!
The Lexington, KY area has many opportunities for buying foreclosures. The area was hit hard during the economic downturn of the past several years, and many people lost their homes. For those now looking to purchase a home in Kentucky, it’s a buyers’ market with many options available.
What are Foreclosures?
When most people buy a home, they borrow money to make the purchase. This home loan is called a mortgage. When a homeowner is unable to keep up with the mortgage payments, the lender or mortgage banker takes possession of the home. This legal proceeding is called a foreclosure. Once a home is foreclosed, the homeowner loses all rights to the property, loses any equity he has in the home, and has to move out.
The Benefits of Buying Foreclosed Homes
One of the best reasons for buying a foreclosed property is that there are numerous homes available for sale in every neighborhood. Another benefit is that foreclosed homes are often sold at below market rates. The lender is often willing to sell at a huge discount just to unload the property and reduce its portfolio. There are also a range of foreclosed properties for sale such as single-family homes, multifamily homes, condominiums and townhouses.
Is a Foreclosed Home a Safe investment?
Many people think it’s unwise to buy a foreclosed home. There are many reasons for this belief. One important fact is that foreclosed properties are sold “as is.” This means you have to accept the house as it is, and you can’t lower your offer price to pay for needed repairs. With due diligence, you can find a great deal. Buying a foreclosed home means hiring a professional home inspector to fully examine the entire structure of the home. Some foreclosed properties may be in disrepair because the homeowner had no money to maintain the property. Other homeowners, who are bitter over losing their homes, may damage the property before moving out. You can easily avoid these types of issues by viewing the place first and having it inspected.
When you are ready to buy a home in the Lexington, KY area, be certain to look into foreclosed homes as well as re-sales and new constructions. Although foreclosed properties offer a few challenges, they can be well worth the extra effort because of the great bargain you can get. Foreclosed homes can be a good and safe investment for anyone willing to acquire the knowledge needed to make a good home purchase.