Foreclosure Makes Houses Cheaper- By: Karim El Sheikh
You likely know all about the current rate of foreclosure throughout the United States. A record number of homes are expected to be foreclosed upon in the upcoming year. Many real estate experts are saying that the housing market is expected to bounce back shortly, but this year will be the year of “clean up,” so to speak, so the delinquent mortgages that are still in place are likely to be wrapped up in the upcoming year.
What this means for potential home buyers is that the arena has never been better when it comes to purchasing foreclosed property. If you have ever considered buying a foreclosed property there is no better time than now – once the housing market picks up and the economy along with it, it’s more likely that people will be able to avoid foreclosure more readily and the number of available foreclosed properties on the market will go down.
If you’re looking to buy a house in foreclosure, often one of the best places to start is with a bank or a lending institution. Given the current state of both the economy and the housing market, the likelihood of them having a foreclosed property on their hands is very high. Foreclosure is common, and banks and lending institutions are all too happy to let potential buyers know what they have on their hands and how much they think the property will go for. Unfortunately there’s not much bargaining to be done when it comes to a foreclosure, but the good news is that the price will likely be so low that you won’t need to bargain much at all!
Another good way to purchase houses that have undergone foreclosure is to look for foreclosure auctions or sheriff auctions in your area. Both of these are the same thing, but instead of going through a bank or lending institution to purchase a foreclosed home, you instead go to an auction and buy a foreclosed home this way. This is often even cheaper than going through banks and lending institutions, but there is a higher element of risk involved with the purchase. That is, most of the time you won’t be able to inspect the house prior to purchase, so there is a bit of “buyer beware” when purchasing at these auctions. However, the deals you are likely to get on auctioned properties that have undergone foreclosure are so incredible that any repairs needed on the house can be paid with the dividends.
If you would like to learn more about sheriff auctions in your area, a good place to start off would be your city hall or the sheriff’s office in your area. You also can find information about these auctions online. Be sure to look them up early – most of the time you’ll want to be ready for a sheriff’s auction a few months in advance before you go and make the purchases. The laws are different in each state, but even if you can’t do a full home inspection on a house, there’s no law saying you can’t go and look at the property first.
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