subject: Could Georgia Foreclosures Be The Help For Your Property Purchase? [print this page] Today there are millions of foreclosed homes on the market. If you are living in Georgia and are wanting to own a home of your own, Georgia Foreclosures may be the way to find a home that you can afford to buy.
While many people have seen their credit scores plummet in the recent recession, those who have been able to keep their job and keep up with their bills may have actually have had an increase in their credit score. That increase along with the lower price of foreclosed homes may be the key to being able to purchase your own home.
For years, it seems as if home prices have increased out of control. Some markets have seen home prices double in as little as five years. Trying to save for a down payment seemed hopeless as the amount needed seemed to grow quicker that one was able to save the money. The cycle continued and home ownership was out of reach for many people.
The burst of the housing bubble caused housing prices to drop for the first time in years. Home prices may have dropped as much as fifty percent. There were a high number of foreclosed properties and banks are willing to sell these properties at below the market value in order to cut their losses. The result is that housing prices continue to remain low, at least for the moment. In addition, you will find that people are still willing to sell homes at a lower than normal market price in order to avoid a foreclosure. When prices are down is the best time to buy a home.
This all adds up to the fact that now is the time to purchase a home, if you have the down payment and credit rating that will allow you to get a home loan.
Many people may find that they actually pay less for a home loan than they are paying for rent. This leaves money to cover taxes and insurance. Eventually rent payments will begin to rise once again, but by purchasing a home, you have locked in some payments that will remain low for the life of the mortgage. At the same time you are protecting yourself from inflation, you are also building equity in a home that is yours as long as you continue to make those payments on time. These low payments can help you through economic good times as well as the bad ones.
Home owners have freedoms that renters never have. They can make choices about the home that a land lord might never allow. If a home owner wants more pets, they simply pick out the pets without any land lord approval. They can also paint or remodel the home as they choose. If you need more room, you can even have an addition made to the home.
Georgia foreclosures may make it possible for you to buy a dream home at a fraction of the price you would expect to pay. There is no time like the present to buy.
by: Terry Bentzen
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