Author: Jessie Frost
Searching For Foreclosed Properties
A foreclosed house is a result of someone who fails to make proper payment that was agreed on with a lender. According to RealtyTrac, 437,498 homes went into foreclosure in the first quarter of this year alone.
The house is taken over by the financier and put it up for resale to get the money back by reselling it through a foreclosure source or auction . The most common reason that foreclosure comes about is the financial situation of the person borrowing the money.
Foreclosed homes are usually advertised in local papers and can be found through a search engine on your computer. Real estate agents should also have lots of information regarding foreclosed houses. Local and courts also have information on foreclosed houses and can be a very good place to start to find out about any liens on the property.
Auctions are usually the most profitable way to buying a foreclosed house. The risks of buying at an auction are slightly higher because you don't get to look at the inside of the property. So the chance of a perfect inside and destroyed inside is 50/50. Also auctions usually require a down payment right away and payment within a week.
Buying a foreclosed home is a lot less money than buying at retail. The difference can be anywhere between 15% - 50%, allowing for a lower down payment, that allows an average buyer to afford a house.
There are ups and downs in buying a foreclosure,
Once a house is bought its bought
-Condition is hard to assess (if in auctions).
Inspecting the house before buying is very important. If you know of any good contractors, when you go to inspect the property bring them with you. That way you have a rough idea of what your total price will be.(cost of home+repairs=good/bad)
Make sure you take your time and get as much information before buying a foreclosed property. If you are careful enough, realizing the dream of owning your new home will be worth the extra work.
Searching For Foreclosed Properties
A foreclosed house is a result of someone who fails to make proper payment that was agreed on with a lender. According to RealtyTrac, 437,498 homes went into foreclosure in the first quarter of this year alone.
The house is taken over by the financier and put it up for resale to get the money back by reselling it through a foreclosure source or auction . The most common reason that foreclosure comes about is the financial situation of the person borrowing the money.
Foreclosed homes are usually advertised in local papers and can be found through a search engine on your computer. Real estate agents should also have lots of information regarding foreclosed houses. Local and courts also have information on foreclosed houses and can be a very good place to start to find out about any liens on the property.
Auctions are usually the most profitable way to buying a foreclosed house. The risks of buying at an auction are slightly higher because you don't get to look at the inside of the property. So the chance of a perfect inside and destroyed inside is 50/50. Also auctions usually require a down payment right away and payment within a week.
Buying a foreclosed home is a lot less money than buying at retail. The difference can be anywhere between 15% - 50%, allowing for a lower down payment, that allows an average buyer to afford a house.
There are ups and downs in buying a foreclosure,
Once a house is bought its bought
-Condition is hard to assess (if in auctions).
Inspecting the house before buying is very important. If you know of any good contractors, when you go to inspect the property bring them with you. That way you have a rough idea of what your total price will be.(cost of home+repairs=good/bad)
Make sure you take your time and get as much information before buying a foreclosed property. If you are careful enough, realizing the dream of owning your new home will be worth the extra work.
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