Foreclosures are seen in the San Antonio real estate market, and may continue for the immediate future. While there are deals to be had in the Bexar County foreclosuremarket, buyers must also be aware of the downside to buying homes in foreclosure.
Be Aware of Auctions
Unless you’re a seasoned real estate investor, it’s best to avoid auctions, for a number of reasons:
Most banks will not accept loan contingencies in an auction, so don’t expect to be able to negotiate any.
Bids are sealed, which means you won’t know what anyone else is bidding. You will need to do your research and determine such factors as the market value and the neighborhood, and then add to that any repairs that you’ll need to make.Banks will also typically expect a large,…