Townhouse foreclosures are multi-story living spaces ideal for individuals with busy careers or small families. These structures form part of a row of identical homes where the living room, kitchen and dining area is in the first level while bed and bath is on the second floor.
Buyers sometimes favor townhouses foreclosures over apartments of condos because of the space it provides. Some of these homes have two or more bedrooms and can extend to a third floor depending on the plan. Size considerations should take into account the number of people who will be living in the home.
Most real estate companies, banks and other lending institutions will definitely have these foreclosed homes in their inventory and they can disappear from the market really fast especially if they are located in metropolitan areas that are a stone's throw away from business districts.
Buying a Townhouse
These homes can be bought through a public auction or you can find them in banks and other lending companies. Even the government will have a collection of foreclosed townhouses for sale. It is best to have two to three options to pick from especially if you plan to buy in an auction because there is no accounting for competitors and issues relating to the property that can easily kill your chances for a certain property.
Buying townhouse foreclosures is the same as buying any other type of foreclosure. You need to be pre-approved for a housing loan before making an offer lest the seller will not bother considering your offer. You also need to make allowances for repairs, back taxes and other incidental expenses that are sure to come up in the course of your purchase.