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Bank Owned Homes – Find a Buyer!

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By : Julie Thompson    99 or more times read
Losing your home to the bank in the US has become a daily occurrence; this is because foreclosures have reached the highest level seen in the past fifteen years. Bad lending practices, increases in interest rates, unemployment and many other external factors are responsible for this state of affairs, and it does not appear that this is going to change at the present time.

Bank owned homes offer a good opportunity to investors or home buyers who are looking for discounted property. The banks have many of these properties on their inventories and they need to liquidate them and turn them into cash to recover the debt owed to them. It is for this reason that buyers are able to negotiate even better discounts and find themselves with a home that they could probably never have dreamed possible under normal circumstances.

If you are a home owner under threat of foreclosure, you must understand that you have to take action to stop your home becoming a bank owned home. There are ways and means of doing this and one such method is to approach a buyer who is well versed in buying homes in pre-foreclosure. These buyers understand the foreclosure process and might just be able to make it possible for you to walk away from your home with both your dignity and credit record in tact. Many of them advertise under “houses wanted for cash”, while others will approach you directly. If you are a home owner who has been approached by a possible buyer, it would probably be a good idea to at least take the time to listen.

That being said, there are also other ways to go about preventing your property becoming one of many other bank owned homes. Saving yourself from the foreclosure process is the most important thing you have to consider. You have to look at your monthly budget and see where you can afford to beg from Peter to pay Paul. In other words, look at your spend and channel any funds you can into your mortgage repayments. Speak to the bank about a grace period and cut out entertainment expenses and put them into your mortgage. Look at your grocery bill, see where you can save there and put that into your mortgage. Look at every possible aspect of your budget and see where you can put even more money into your mortgage. However if you have taken all these actions, are eating spaghetti and sauce every night and still cannot see your way right, then it is time to think about selling your home.

Rather walk away from your expensive mortgage with your credit rating and still be able to buy a property that is more befitting of your income, than have to undergo the foreclosure process. A cheaper mortgage might mean that you will have to make do in terms of your standard of living, but it will also mean that you still own your own home and have a reasonable credit rating.
Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of foreclosures for sale. Try to visit and begin your foreclosures by state search.

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