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Foreclosures
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home for the buck - Buy a foreclosure and save big.
by J. Brian Keith
Owning
a home is something every hard working American wants. Many
first time buyers discover the only home they can afford may
not be all that they were hoping for. There's not many things
more discouraging than calling a real estate agent, giving
them your financial information and filling them in on what
type of home you'd like to buy for the price range you are
comfortable with, then seeing the look on their face and explaining
to you what you can really afford. While most people give
in and settle for much less, many others find a market that
will allow them to purchase homes below or well below what
the market dictates, getting much more for their money than
most conventional methods of finding a home. Many home buyers
are discovering forclosure lists and the foreclosure market.
In the Pre-Internet time, finding foreclosures could mean
buying very expensive lists and having them sent to you via
the mail or knowing someone with an "inside scoop".
Now that's all behind us. Websites like Forclosure.com keep
up to date, huge databases of thousands and thousands of foreclosure
listings that allow home buyers to search by state, county,
city and zip codes to better find what they need in their
target areas. Search Engine results provide potential buyers
with all the details needed to find foreclosure homes that
best suit their criteria, for example: what the price of the
home is, how many bathrooms or bedrooms the home has, who
must be contacted for information about the home, the address
and a photos can be provided sometimes as well.
Also
read:
• Bank
Foreclosures Profitable Investment
Several people, especially those new to real estate investing,
will prefer bank foreclosure to any other form of property
buying because they think that they are safe to buy. Their
understanding is that the bank owns the property and therefore
they are free from all liabilities and other negative
encumbrances. Though a bank forclosure can be safe, the
bank never owns the property. The property has only been
pledged as collateral, meaning in the event of default
of loan payment, the property should be disposed to redeem
the loan.
• Quitclaim deed
• Deed |
Like any market, the real estate market has great bargains
if you are willing to put in the effort to find them. It's
just a matter of knowing where to look. Foreclosrues can present
home buyers a way to grab a home at ridiculous prices, many
times saving as much as 50% on the price of their home or
more. On occasion properties can be purchased for as much
as half of their market value. Until recently, the hardest
part of purchasing foreclosed homes was finding foreclosures
that were available for sale at the time.
Conventional methods of purchasing real estate can serve some
purposes, many home buyers, especially first time home buyers,
can be best served utilizing the resources of a site like
Foreclosure.com. Purchasing a home for much less than market
value can help home buyers get into the type of home they
may not be able to afford otherwise.
Above and beyond the potential savings, home buyers can gain
financing advantages that are many times offered by banks
or government agencies that have repossessed properties and
then need to be sold. Many times, a buyer can finance a purchase
with very little money out of their pocket and at a lower
or reduced interest rate. When banks foreclose on a property,
they call it REO or "Real Estate Owned". REO homes
are at times offered at well below market value. It's not
unheard of for a bank to offer no prepayment penalties, financing
with no points and or low loan costs on their REO homes when
they finance them themselves.
About the Author
For related information, marketing material or a Foreclosure
List
• Help for Homeowners Facing
the Loss of Their Home
• Beware Of Predatory Lending Schemes
• California Laws regarding foreclosure consultants
• California foreclosure
• Florida HUD Approved Lenders
• Florida foreclosure statutes
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