HOMES FOR 1/2 PRICE
Enter ZIP or City, State:

 

Foreclosure rates are at an all time high. While this is unfortunate for those who have lost their homes, it is an opportunity for you to buy a home well below its market value. In fact with with patience and a little leg work you can purchase a home at a 20% to 40% discount.

Homes go into foreclosure when the owner fails to meet their financial obligations with respect to the mortgage against it. The bank or government agency is forced to repossess the home and then sell it to cover the outstanding loan. It is important to realize that these companies do not want to be in the business of owning real estate. They want to be rid of it as quickly as possible and in some cases they will even let it go for less than the amount owing on the loan.

Where can I find foreclosures for sale?

Most bank owned foreclosures are listed with a realtor, you can check their listings for opportunities. However, there is a much better resource for finding foreclosures: the HUD Homes Internet listings. This government site lists properties that have been acquired by HUD (U.S. Department of Housing and Urban Development) as the result of a foreclosure on an FHA mortgage. HUD sells the home to recover the loss on the foreclosure claim.

The HUD Homes website also provides instructions on how to bid on one of their auctions. The process is fairly straight forward and involves submitting a sealed bid through a HUD registered realtor. When bidding on HUD homes it is important to have your financing already approved. You can use the internet to obtain pre-approved mortgage.

With patience and a keen eye a you can make an offer to purchase on a house well below its market value. The key to buying a home at a deep discount is to do a little research before hand. Often these homes have been neglected over the previous 12 months and require a little maintenance. It is amazing the impact that paint, carpet and other cosmetic touches can have on a home’s market value. A few thousand dollars of work can increase a home’s value by tens of thousands.

Whether you are looking for investment properties, or just shopping for a new home, you should definitely consider foreclosure sales. They are an excellent opportunity to save money when buying real estate.

Government Auctions & Foreclosures