Magnetic Refrigerators
Magnetic Refrigerators
Oak Ridge National Laboratory and General Electric have teamed up to create a revolutionary new type of refrigerator that uses magnets to create cold, also known as the magnetocaloric effect (lowering or raising the temperature of the material by changing the magnetic field).
Ultra-Efficient Heat Pumps
Ultra-Efficient Heat Pumps
The Building Technologies Office is ushering in the next generation of heat pump systems, which warm and cool your home by moving heat from one space to another. A fuel-fired, multi-function residential heat pump that can reduce primary energy consumption by 30 percent.
Clothes Dryers
Clothes Dryers
The same concept behind heat pump technologies that keep your home comfortable can also be used for another important application: drying your clothes. Oak Ridge National Laboratory and General Electric are developing a new type of clothes dryer that uses a heat pump cycle to generate hot air needed for drying.
Smarter, More Connected Homes
Smarter, More Connected Homes
We live in an increasingly connected world -- the same is true for our homes. New electronic devices and appliances can now be linked to the Internet to provide real-time data that makes it easier to understand and lower energy use.
Next-Gen Insulation
Next-Gen Insulation
Insulation is one of the most important ways to reduce your home heating and cooling costs. The Industrial Science & Technology Network is developing new foam insulation made with environmentally friendly and advanced composite materials that ensure heat doesn’t escape from the attic, walls and other areas of the home during cold winter months.
Advanced Window Controls
Advanced Window Controls
Lawrence Berkeley National Laboratory and Pella Windows are working on new highly insulated windows that use sensors and microprocessors to automatically adjust shading based on the amount of available sunlight and the time of day to ensure proper lighting and comfort, saving consumers energy and money.
Reflective Roofing Materials
Reflective Roofing Materials
Cool roofs coated with materials containing specialized pigments reflect sunlight and absorb less heat than standard roofs. Expect these types of roof systems to get even “cooler” due to new fluorescent pigments developed by Lawrence Berkeley National Laboratory and PPG Industries that can reflect nearly four times the amount of sunlight of standard pigments.

Energy-Saving Solutions

From heating and cooling to electronics and appliances, it takes a lot of energy to power our daily lives. Our homes use 37 percent more energy today than they did in 1980. But without energy efficiency -- through technology innovation and federal energy conservation standards -- this number would be a lot higher. In fact, even though our total energy use has grown, our energy use per household is down about 10 percent, despite that our homes are larger and contain more devices.

Save Energy Systems

19 September 2019

Buying A Foreclosed Home: The Advantages and Disadvantages

The lender that forecloses on a home typically puts it on the market shortly after seizing it. If you are looking for a new home, you may see listings for foreclosed properties. But, before you make an offer, it’s important...

The post Buying A Foreclosed Home: The Advantages and Disadvantages appeared first on HomeSelfe.


The lender that forecloses on a home typically puts it on the market shortly after seizing it. If you are looking for a new home, you may see listings for foreclosed properties. But, before you make an offer, it’s important...

The post Buying A Foreclosed Home: The Advantages and Disadvantages appeared first on HomeSelfe.

The lender that forecloses on a home typically puts it on the market shortly after seizing it. If you are looking for a new home, you may see listings for foreclosed properties. But, before you make an offer, it’s important to learn about the benefits and drawbacks of buying a foreclosed home.

Here’s what you need to know:

The Benefits of Buying A Foreclosed Home

There are several benefits to buying a foreclosed home, including:

  • Better Deals
  • Clear Titles

Let’s take a closer look at each one of these.

Better Deals

Foreclosed homes are typically sold at a steep discount, which is the biggest advantage of buying one of these properties.

The lenders that own these properties are in the financial business, not the real estate business, so they do not have the tools or resources to manage real estate properties. They want to sell their foreclosed properties as quickly as possible in order to cut their losses. As a result, they are often willing to sell a home for less than its market value.

Lenders are usually open to negotiations as well, so if a foreclosed home is listed higher than expected, there’s no harm in making a lower offer to get a better deal.

Clear Title

Foreclosed properties typically have clear titles. If you are buying a foreclosed home, you should not have not to worry about liens, back taxes, or other issues caused by the previous owner.

A home that has gone into foreclosure

The Risks of Buying A Foreclosed Home

The benefits of buying a foreclosed home are clear, but it’s important to understand the risks involved with this transaction, too. Some of the risks include:

  • No Inspection Opportunity
  • Poor Condition of the Property

Following, we will show you more details on each one of these disadvantages.

No Inspection Opportunity

Buyers that purchase foreclosed homes at auctions are often not given the opportunity to inspect the home prior to buying it. This means buyers could end up spending tens of thousands of dollars on a home they have never seen.

There’s no way to determine the value of the home or assess the repair work that is needed without seeing it first, which is why this is one of the biggest risks of purchasing a foreclosed home.

Poor Condition of the Property

Foreclosed properties are usually not in the best condition. Why? First, the property is often left vacant for months prior to the sale. Leaving a home vacant for this long can lead to a number of problems, including rodent and pest infestations and mold. If the home is in a cold climate, the pipes could also burst as a result of poor maintenance.

The previous homeowner may have damaged the house, too. Homeowners that know they are about to lose their home may intentionally damage the home out of anger.

Some frustrated homeowners choose to illegally remove expensive appliances from the home, whereas others cause more significant damage by pouring cement down the toilet or punching holes in the wall.

You will need to either make repairs on your own or hire a professional to help. If you are unwilling to commit the time or money needed to make these repairs, buying a foreclosed home is probably not the best choice for you.

How to Buy A Foreclosed Home

There are both pros and cons to purchasing a foreclosed home. To minimize the risks involved, it’s best to work with a Realtor® who has experience with buying and selling foreclosed properties.

Experienced Realtors® will know where to find the best deals, how to negotiate with lenders, and what terms to include in contracts to protect their clients. There will always be some level of uncertainty involved with these transactions, but working with a reliable Realtor® can greatly reduce the risk. If you want to reap the rewards of buying a foreclosed home, get in touch with a local Realtor® today to start the process.

The post Buying A Foreclosed Home: The Advantages and Disadvantages appeared first on HomeSelfe.


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