Buying a foreclosed home can lead to a nice profit in some cases, but there are several things to consider before you decide if it?s the right thing for you.
Purchasing a foreclosed home is taking an opportunity provided by people who were not able to pay for their home.? Because of this, banks are able to offer the homes at significantly lower prices.? Many times, the discounts are upwards of 30% (eHow Money 2010).
Foreclosed homes sometimes need more work because the previous owners were unable to upkeep the maintenance, but oftentimes, they are in good shape.? Be sure to inspect any property thoroughly so you have a clear understanding of what you are buying.
There are several ways to find real estate foreclosures in your area;
- Real estate magazines, newsletters, Internet search engines and newspapers are all great resources.
- Lenders also have the real estate owned properties listings available.? Government agencies such as Fannie Mae and the Department of Housing and Urban Development are also means for foreclosed opportunities.
If you are considering taking advantage of a foreclosure, be sure to get your real estate agent involved. ?You will want to have someone available who is familiar with foreclosure laws in your area. ?Your agent will also be able to check for liens on the property and compare neighborhood comps to assure that you are truly ?getting a good deal.? ?The foreclosure paperwork will be more detailed than a traditional loan. ?Your realtor should be able to guide you through this process as well.
There?s always a bargain for the one who?s willing to be patient and research the options. ?Happy house hunting!
Source: http://janrichey.com/blog/?p=397
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