Foreclosures Save You Money
Foreclosures Save You Money
Foreclosures are a great way to save money if you're looking to break into the real estate market, particularly as a first time buyer. While it may sound like bad karma to profit off of somebody else's loss, the fact of the matter is that the home needs to be bought and the banks and lending institutions who are in charge of foreclosed houses are looking to move them as fast as possible. This haste on the part of banks and lending institutions definitely adds up to big savings on your part houses that are being sold as foreclosures often end up going for less than half of their actual value had they been sold by traditional sellers.
If you choose to work with foreclosures, you can get some great deals, fast. When a bank or a lending institution finds themselves with a foreclosed property, they're responsible for the care and maintenance of that property until they find a buyer. As you can imagine, a bank is not exactly a home repair store and thus is not looking to have physical property on their hands for any longer then is needed. Foreclosures are a great place to start if you're looking for a home. You might be surprised at what kind of properties are on the list, or how much money you can really save by buying these properties.
Foreclosures can also be bought through what are known as sheriff's auctions or foreclosure auctions. These are exactly what they sound like basically, foreclosures that could not sell go up on the block for amazingly cheap prices. If you like to save money and aren't afraid of buying a house that might need some fixing, these houses could be for you.
The bad part about sheriff's auctions or foreclosure auctions is that often times they're very much buyer-beware. Most of these auctions won't let you have a home inspection on the house made beforehand, so the likelihood of the house needing at least minor repairs is high. Be sure you are ready to take on a project if you decide to buy a house at auction. The good part, though, about these foreclosures is that you're likely to be able to get them for so cheap that any money you have to put forth for the repairs done to the house are likely to still be less than the cost of a house at market value for that area. So if you don't mind using a little elbow grease, this could be the opportunity for you! Many good homes simply get lost in the shuffle.
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