Foreclosure Property Deals
Did you know that you can save tens of thousands of dollars on the purchase of your home by investing in a foreclosure or preforeclosure property? When you are trying to purchase a home for the first time, and you have limited resources and limited funds, it is particularly important that you get the most "bang for your buck".
One way for a young family to get the most home for their money is to purchase a "distressed" property. With research and due diligence, you may just end up with a larger or nicer home than you thought you could afford, but without the extra price tag. One way to accomplish this is by purchasing a property that is in foreclosure.
You may want to look for an REO Foreclosure.
What's an REO Foreclosure? This stands for "Real Estate Owned", or in other words,property that was foreclosed upon by the bank holding the mortgage, and now belongs to the bank. But, the bank is a bank and not a real estate investment firm. They are simply not in the business of residential real estate and have no interest in the home other than to recoup their investment.
How does this benefit you? Well, more than likely the previous owners of the property have been making payments on it for some time, bringing down the amount the bank was owed and increasing the equity in the property. Since
the bank is only concerned about recouping what they are owed and not really attempting to make a profit, then you can essentially reap the benefit of the equity in the property and purchase the home for what is owed which is likely well below current market value.
This approach while simple in theory does require research, time, fixup, and perhaps even cash upfront. This approach is not for everyone, but if your situation allows for it, you may be able to snag a great deal on a nicer home than you could otherwise afford.
Continue reading this and more of Amber Lowery's articles by following the link(s) below:
For more information on Foreclosures, visit: http://www.foreclosure-property-deal.com - the Foreclosure Resource. Current foreclosure property listings can be found here: http://www.foreclosure-property-listings.com
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Foreclosure Properties News Sources |
- Lenders eye foreclosure rate (Philadelphia Daily News)
Lenders eye foreclosure rate (Philadelphia Daily News) As home-price appreciation has tapered off and mortgage rates have risen, foreclosures have started to pick up. The rate of foreclosure - the process by which banks ultimately can take back the properties that secure mortgages ...
- FORECLOSURES UP 72% IN A YEAR Look out below.... RealtyTrac(TM) (http://www.realtytrac.com), the leading online marketpl...
FORECLOSURES UP 72% IN A YEAR Look out below.... RealtyTrac(TM) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its 2006 Q1 U.S. Foreclosure Market Report, which showed that 323,102 properties nationwide entered ...
- Scary Foreclosure Statistics
by hilzoy Via invaluable Elizabeth Warren: a new report from RealtyTrac: "RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its 2006 Q1 U.S. Foreclosure Market Report, which showed that 323,102 properties nationwide ...
- RE: FULL TIME INVESTING?? - New Member
Author: RE FINDIT Posted: Mon May 08, 2006 12:00 pm (GMT -8) Topic Replies: 1 Hi There and Welcome to the Bigger Pockets forum. Yeah me too, I love RE investing also. Sounds like you have a lot of the same ?'s I had when I was bitten by the bug a number of years ago. I floundered a lot until I got some ...
Foreclosure Properties Resources That May Be of Interest...
Great bargains. Homes from $10,000. Search new listings in your area.
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Loan Modification Is The Answer. Fill Out Our Short Form To Connect With Foreclosure Prevention Counselors Today.
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Free Information about Foreclosure Prevention.
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