Where to Find the Best Foreclosure Deals and Get Your Home Cheap
Foreclosures are always unfortunate for the person who borrowed money to get their dream home, only to be unable to meet their mortgage payments down the line for one reason or another. However, for investors who are looking for a great deal, a foreclosure can mean that they almost struck gold.
Whether you want to invest in a property to earn a lot of money from rent or as a result of various other deals, or if you’re interested to live in the property you wish to buy, a foreclosure can be a great way to reduce your investment and make sure you get a great deal. However, it’s important to know where and how to search for the best deals and how to avoid the pitfalls that most inexperienced buyers tend to fall into.
First, it’s important to note that foreclosures are easy to find in a falling real estate market. All you have to do is look for online listings for the area you’re interested in, enter your zip code, and find dozens of properties you can buy at an alarmingly low price. On the other hand, it’s possible to find good foreclosure deals in stronger markets as well, but you have to be clever about it. To find the best deals, you might want to talk to an experienced real estate agent or drive through distressed neighborhoods and look for signs that might read “bank owned,” “foreclosure” or “bank repo.”
Alternatively, it’s also worth looking on major bank websites such as the official sites of the Bank of America, Chase or Wells Fargo. They often maintain accurate lists of foreclosed properties and are willing to offer special discount packages to interested investors.
Finally, it’s worth checking out the offers that asset management companies and auction houses are able to make. Many banks hire asset management companies to handle the details of their foreclosures, and getting in touch with these companies can help you get the info you need about recently foreclosed homes. On the other hand, auction houses can give you an even better option, sometimes holding huge auctions where up to 100 homes are sold in a single day.
Why You Might Prefer a Foreclosure Auction to a Short Sale
A lot of people believe that short sales are a good option, since homeowners who are facing possible foreclosure might be willing to make a short sale deal to avoid the foreclosure process. However, the buyer faces considerable risk in this case, including finding that the previous owner vandalized the property out of pure spite, the listing is overpriced at its mortgage amount or that the seller doesn’t qualify for a short sale.
To avoid wasting precious time, and possibly missing out on the best opportunities, it’s better to opt for a foreclosure auction, which is generally easier to apply for, less problematic to register for and able to provide you a greater number of excellent choices when it comes to selecting the ideal property available at the perfect price for you to consider.