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Foreclosure Homes – Buying a REO Foreclosed Property might save you Money

May 30th, 2006

Foreclosure Homes – Buying a REO Foreclosed Property might save you Money

Real Estate

It is an unfortunate event that the previous home owners were unable to keep their homes, however the benefits to a foreclosed home is that you can often buy it at less than market value.  This is especially true when homes are not selling as fast as they could.  If the real estate market slows down the prices on the foreclosures will also drop.

You can search foreclosures that are bank owned, HUD Foreclosures and VA foreclosures.  A foreclosure is usually owned by a financial or government institution.  If the home sits around long enough the price will often go down.

Finding both bank and government foreclosures are straight forward.  You would have to find a real estate agent that would be willing to work with you to help you find the listings.  Lists are also available online which you can sign up with that will cover your area.  HUD lists the properties at no charge.  Real estate agents don’t always want to show all the homes as it could take more time than it is worth on the commission.  If you do some of the foot work and bring the agent in when needed to finalize you choices it would be good for both you and the agent.

 

There are online courses specifically set aside to help educate how to get the best deals.  It will let you understand the real estate terms involved specifically to foreclosed properties or homes that are about to be foreclosed upon.  If you are looking to profit on a regular basis from these types of properties then you should study your subject completely.

Foreclosure homes often have many repairs to complete.  Sometimes bank owned properties will be fixed up prior to selling.  This however usually means that they want market value.  If you are not able to fix up the properties, buying a foreclosure may not be the right kind of property to purchase. 

 

If you are going to fix up a property you need to know how much it will cost.  If it costs as much as market value, you probably are better off getting a house that is in good condition already.  If you are relying on a loan to pay for the property this also becomes a factor in whether or not they will approve to lend on the home.  Some of the HUD foreclosures are not in good enough repair to qualify for a home loan.

HUD foreclosures are auctioned off through a website format.  In order for the bid to go through a real estate agent must be qualified to bid on HUD foreclosures.  You will be able to walk through the property before bidding on the house.

 

If you are looking for a home to live in you should keep your options open to all real estate as the bank owned homes may not be the best deal for your money.  It all depends on what is going on in general in real estate.  If homes are selling quickly and for an increased price you are probably not going to stumble on foreclosure deals as quickly.  You can find them, but it will take time and a lot of searching. 

If the real estate industry slows down and people can’t sell their homes and have to take a loss on the sale of their home, there will be more deals available.

 
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Nicole Wilson
Best Syndication

Books on Foreclosures

Keywords and misspelling: forclosures forclosed proprty houses homes listings R.E.O. bank owned homes H.U.D. V.A. reel estate investmint investing


Important:  The material on Best Syndication is for informational purposes only and is not meant to be advice. You should always seek professional advice before making financial decisions. 
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