subject: The First-time Buyer Can Successfully Buy Foreclosed Homes For Sale [print this page] Some first-time buyers are curious about foreclosed homes for sale, but assume that these homes require expertise or an expert buyer. Nothing could be further from the truth. First-time homebuyers successfully buy foreclosed homes for sale every day across this country, and many of these buyers save considerable amounts of money doing so.
In fact, foreclosure or repossessed homes are ideal for the first-time homebuyer. Some HUD homes and government homes feature special programs for first-time buyers which make these homes more affordable. As well, repossessed homes tend to be more affordable, as they are generally priced below market value. This can make them more affordable for the first-time homebuyer. Since these homes usually feature instant equity due to their below-market price, it can be easier to get financing, even if you have never had a mortgage before. The instant equity can also be helpful if you have only a small down payment. The financial benefits of buying a repossessed home can make the buying process much less frightening, even for someone who has never made such a large purchase.
Today, buying repo homes is as simple as buying full-priced real estate, and this ease of purchase makes foreclosures even more attractive to first-time buyers. Many REO and government homes are purchased through a traditional real estate agent, so that buying a repo house is as simple as buying any home. Plus, finding foreclosed homes for sale is now much simpler, thanks to easy-to-use online listing services that list all foreclosures available.
by: Joseph Smith
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