More Home For The Buck - Buy A Foreclosure And Save Big.
By J. Brian Keith, Fri Dec 9th
Owning a home is something every hard working American wants.Many first time buyers discover the only home they can affordmay not be all that they were hoping for. There's not manythings more discouraging than calling a real estate agent,giving them your financial information and filling them in onwhat type of home you'd like to buy for the price range you arecomfortable with, then seeing the look on their face andexplaining to you what you can really afford. While most peoplegive in and settle for much less, many others find a market thatwill allow them to purchase homes below or well below what themarket dictates, getting much more for their money than mostconventional methods of finding a home. Many home buyers arediscovering foreclosure lists and the foreclosure market.
In the Pre-Internet time, finding foreclosures could mean buyingvery expensive lists and having them sent to you via the mail orknowing someone with an "inside scoop". Now that's all behindus. Websites like Forclosure.com keep up to date, huge databasesof thousands and thousands of foreclosure listings that allowhome buyers to search by state, county, city and zip codes tobetter find what they need in their target areas. Search Engineresults provide potential buyers with all the details needed tofind foreclosure homes that best suit their criteria, forexample: what the price of the home is, how many bathrooms orbedrooms the home has, who must be contacted for informationabout the home, the address and a photos can be providedsometimes as well.
Like any market, the real estate market has great bargains ifyou are willing to put in the effort to find them.
It's just amatter of knowing where to look. foreclosures can present homebuyers a way to grab a home at ridiculous prices, many timessaving as much as 50% on the price of their home or more. Onoccasion properties can be purchased for as much as half oftheir market value. Until recently, the hardest part ofpurchasing foreclosed homes was finding foreclosures that wereavailable for sale at the time.
Conventional methods of purchasing real estate can serve somepurposes, many home buyers, especially first time home buyers,can be best served utilizing the resources of a site likeForclosure.com. Purchasing a home for much less than marketvalue can help home buyers get into the type of home they maynot be able to afford otherwise.
Above and beyond the potential savings, home buyers can gainfinancing advantages
that are many times offered by banks orgovernment agencies that have repossessed
properties and thenneed to be sold. Many times, a buyer can finance a purchase
withvery little money out of their pocket and at a lower or reducedinterest
rate. When banks foreclose on a property, they call itREO or "Real Estate Owned".
REO homes are at times offered atwell below market value. It's not unheard
of for a bank to offerno prepayment penalties, financing with no points and
or lowloan costs on their REO homes when they finance them themselves.