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What are the benefits of buying a property through countrywide foreclosures and how to identify a good deal?

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By : Fiona Livnat    99 or more times read
The prevailing global economic crisis has resulted in a large number of countrywide foreclosures located in some of the prime real estate areas in the US. While the influx of foreclosed homes has increased the liability of banks and mortgage companies, it has presented home buyers with a very lucrative investment opportunity as these properties are being sold at highly reduced prices.

Benefits of buying a property through countrywide foreclosures

Investing in a property available through countrywide foreclosures has a wide range of advantages like:

  1. Highly affordable housing options One of the most unique features of countrywide foreclosures is that they are being offered at prices that are much below their actual worth with some properties going as low as half of their market rates.

  2. Great investment opportunity Investing in a foreclosure makes for a lucrative venture as a large number of properties which are located in upscale neighborhoods having a prime real estate value are being offered at very low asking prices.

  3. Various financial incentives for buyers Another unique feature of buying a foreclosure are the wide range of tax credit abatements, low interest housing loans and down payment assistance schemes for buyers interested in purchasing foreclosed homes.

Guidelines for purchasing a suitable home through countrywide foreclosures

Trying to zero in on a suitable home from a wide range of countrywide foreclosures can be a daunting task. Therefore the following set of instructions will be helpful in selecting a suitable deal efficiently:

  1. Understand housing requirements Get a clear idea of your housing needs like the size, location and the number of rooms you would require before looking for suitable deals on countrywide foreclosures.

  2. Enquire about the local foreclosure laws Consult a lawyer and enquire about the local foreclosure laws in your preferred locality.

  3. Search suitable properties Look for suitable properties through classifieds, online listings, public records and real estate websites.

  4. Do a comparison test - Zero in on the best bargain deal by comparing the asking prices of properties that suit your requirements closely.

  5. Inspect the house Ensure that the house is in a good condition and has a clean record of taxes before going ahead.

  6. Submit your offer The most important step is to evaluate the worth of the property and then submit a sensible offer to the sellers.

With a large number of highly affordable properties available through countrywide foreclosures owning a home can now be possible at a great bargain deal. So go ahead and make a value home purchase today.
Fiona Livnat is an author with expertise in real estate foreclosures. She has over ten years of experience in writing about foreclosures.Her commitment to help people is reflected in her writing. For more details please visit Countrywide Foreclosures.

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