Cheap Houses
How to buy a foreclosure home for up to 60% off its market value
Cheap Houses
• Foreclosed homes are excellent options for homebuyers interested in buying cheap houses.
• Foreclosure buyers stand to save as much as 60 percent off property market values.
• Thousands of auction homes, foreclosure short sales and REO properties are for sale. More homes are listed every day.
Cheap Houses
• While distressed properties, fixer upper homes and handyman specials make up a handful of foreclosed properties for sale, remember not to assume all foreclosures are in disrepair.
• There are many quality cheap houses for sale through foreclosures.
• The purpose of this presentation is to explain how foreclosures save money for homebuyers.
Foreclosure Auctions
• Foreclosure auctions are very common.
• Auctions allow homebuyers and investors to make offers on foreclosure properties for whatever prices they’re willing to pay for the homes.
• Remember, to get the most savings out of an auction home, research the prices for which similar foreclosures in the area sold and use these prices to determine a maximum bid.
Foreclosure Auctions
• Foreclosure auctions, which are sometimes referred to as sheriff sales when conducted by local sheriffs, can save homebuyers money if they’re willing to research the homes and the localities.
• The homeowner may have as much as five business days prior to the sale to reinstate the home loan, so call the seller named in the listing to see if the house is still for sale.
Foreclosure Short Sales
• Foreclosure short sales occur on homes that have not officially gone into foreclosure.
• Homeowners who are unable to repay their debts on defaulted loans may opt to make agreements with their lenders to sell their homes for less than they’re worth to pay off the loans. This allows homebuyers to buy cheap houses and help homeowners pay back their lenders.
Foreclosure Short Sales
• Short sale foreclosed homes also benefit homebuyers by allowing them plenty of time to have potential homes inspected.
• Because the home is being sold to pay off the amount remaining on the homeowner’s defaulted loan, the home is likely to be listed considerably below market value.
• Remember that any offers made on short sales may have to be approved by their lenders.
REO homes
• REO homes are houses that failed to sell at auction either because they didn’t meet a suitable minimum bid or they were purchased by their lenders.
• Some lenders, such as major banks and government agencies, will sell these homes on their own.
• Because these homes failed to sell at auction, homebuyers can expect to find homes discounted even further here.
REO homes
• Many homebuyers and investors prefer buying REO homes directly from their lenders as opposed to homeowners and auctioneers.
• Though not all lenders have dedicated REO departments, major lending banks and government agencies will often sell their own homes.
• Other lenders may have their homes sold by third party real estate agents.
Let’s Review
• Foreclosures are excellent options for buying cheap houses. There are many quality foreclosed homes to be found among foreclosure listings, as well as distressed properties and fixer upper homes.
• Auction foreclosures save homebuyers money by allowing them to set their maximum bids, but homebuyers should contact sellers in advance to make sure the listings are current.
Let’s Review
• Foreclosure short sales allow homeowners to pay off their defaulted loans to their lenders by selling their homes to homebuyers for little more than the amount remaining on their home loans.
• REO properties are usually homes that failed to sell at auction. Because lenders want to sell these properties quickly, it may be cheaper to purchase these properties from them directly.
For more Information:
http://twitter.com/fcdeals
http://www.foreclosuredeals.com/wp/feed/
http://www.linkedin.com/company/foreclosure-deals
http://www.facebook.com/ForeclosureDeals
http://www.foreclosuredeals.com/
