One of the best things a person can do right now is look for either short sale properties or home that have been foreclosed. Tons of people are getting phenomenal homes for "cheap" prices because of the number of current home owners that are in crisis.
I know someone who just sold a seven year old two-story, 3 bedroom, 2.5 bath home with attached garage for $65,000; it was a short sale. I know of another couple who recently purchased a foreclosed home for 60% of its original price; it was a foreclosed home that had been sitting vacant for two years. Those are just a few examples, but I know there are tons more.
Yes, short sales and foreclosures are the cheapest options. Just keep in mind that short sales involve a waiting game that could take up to 12 months. In spite of congressional measures to speed up the process, it has had little impact in the market place. Furthermore, even though the owner has signed the contract, remember you could be sitting there for six months on a short sale while other opportunities pass you by and interest rates go up and in the end the underlying bank rejects your offer or counters at a price you are not interested in or cannot qualify for. Foreclosures on the other hand are just as fast as traditional sales and offer excellent discounts. Good luck!
Not everyone who loses their house to foreclosure leaves it a disaster. Foreclosure does not automatically mean a money pit. That is why you do inspections and do not purchase sight unseen. Just do your homework like with any other investment.
Foreclosures are a great way to find homes that are cheap. The downside is that the owners may have caused damage so you have to make the purchase contingent on a home inspection but you should do that anyway. Good Luck
By getting yourself familiar with local prices and offerings you will have a much easier road to go when negotiating and when trying to spot the house that suits your budget and you will save time knowing beforehand the type of home that you can afford.
One way to do this is by picking up the free real estate magazines offered at local grocery stores. You can also visit your choice(s) of sites such as Realtor.com, Remax.com or Long & Foster.com to see photos, neighborhood, and pricing info or get in contact with an agent/Realtor.
Get yourself familiar with the features and style of home that you are looking for in your price range. This will show you what you can or can't afford so that other people such as your agent/Realtor won't have to have "the talk" with you about what you can and can't afford.
I would not recommend foreclosures to someone who doesn't have a hefty reserve for repairs or to people who haven't purchased a home before. Foreclosures can have expensive hidden problems that easily turn the home into a money pit. I have seen 2 people's reserves completely blown away by hidden problems in foreclosures they bought without ever being able to look inside.
First go into the neighborhood you wish to be in, drive around, that is if you want to live in the house.
If it is for investment, then it would be worth it for you to have a working relationship with a realtor.
There are many ways to find a cheap house to purchase. First, you need to have an approved credit for your house mortgage to let your sellers or broker know that you are serious in buying one. Then have an area in mind (where you want to live). Once you narrow down your options, you will know where and what to look for - especially the cost. Good luck with your future house!
Check out online websites and the local newspaper for sales in the area you would like to live in! Always look until you don't want to anymore because purchasing a house is the hardest thing you will ever do, other than get married and have a child. Good luck on your journey!
checking online website is best thing as its going to save lot of time and money. Shortlist properties you are interested in and then visit personally.
by Donna Cosmato 6 years ago
What is the process of buying a foreclosed home?
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This is hitting South Bend now, where I grew up. I have a house there with a renter in it that I"m about to lose:http://www.nytimes.com/2009/03/30/us/30 … y.html?hpwIt's so bizarre. The industrial midwest is getting really, really bad.
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