Save Big Time Buying A Foreclosure
Owning a home is something every hard working American wants.
Many first time buyers discover the only home they can afford
may not be all that they were hoping for. There's not many
things more discouraging than calling a real estate agent,
giving them your financial information and filling them in on
what type of home you'd like to buy for the price range you are
comfortable with, then seeing the look on their face and
explaining to you what you can really afford. While most people
give in and settle for much less, many others find a market that
will allow them to purchase homes below or well below what the
market dictates, getting much more for their money than most
conventional methods of finding a home. Many home buyers are
discovering foreclosure lists and the foreclosure market.
In the Pre-Internet time, finding foreclosures could mean buying
very expensive lists and having them sent to you via the mail or
knowing someone with an "inside scoop". Now that's all behind
us. Websites like Forclosure.com keep up to date, huge databases
of thousands and thousands of foreclosure listings that allow
home buyers to search by state, county, city and zip codes to
better find what they need in their target areas. Search Engine
results provide potential buyers with all the details needed to
find foreclosure homes that best suit their criteria, for
example: what the price of the home is, how many bathrooms or
bedrooms the home has, who must be contacted for information
about the home, the address and a photos can be provided
sometimes as well.
Like any market, the real estate market has great bargains if
you are willing to put in the effort to find them. It's just a
matter of knowing where to look. Foreclosures can present home
buyers a way to grab a home at ridiculous prices, many times
saving as much as 50% on the price of their home or more. On
occasion properties can be purchased for as much as half of
their market value. Until recently, the hardest part of
purchasing foreclosed homes was finding foreclosures that were
available for sale at the time.
Conventional methods of purchasing real estate can serve some
purposes, many home buyers, especially first time home buyers,
can be best served utilizing the resources of a site like
Forclosure.com. Purchasing a home for much less than market
value can help home buyers get into the type of home they may
not be able to afford otherwise.
Above and beyond the potential savings, home buyers can gain
financing advantages that are many times offered by banks or
government agencies that have repossessed properties and then
need to be sold. Many times, a buyer can finance a purchase with
very little money out of their pocket and at a lower or reduced
interest rate. When banks foreclose on a property, they call it
REO or "Real Estate Owned". REO homes are at times offered at
well below market value. It's not unheard of for a bank to offer
no prepayment penalties, financing with no points and or low
loan costs on their REO homes when they finance them themselves.