Thursday, January 13, 2011

4 Tricks and Traps Foreclosure Buyers Need to Know

4 Tricks and Traps Foreclosure Buyers Need to Know

Interest in buying a foreclosed home is on the rise, but so are concerns about the risk involved in the process. In a December survey, Trulia found that 49 percent of Americans were at least somewhat likely to consider buying a foreclosure, up from 45 percent in May 2010. But the number of US adults who believed there are disadvantages to buying foreclosures had also increased, from 78 percent to 81 percent over the same time frame. Among those folks who had qualms about purchasing a foreclosure, the top concerns were:

* that buying a foreclosure might involve hidden costs,
* that the buying process itself is risky, and
* that the home might continue to lose value, after escrow closes.

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