What Points to Know While Purchasing Foreclosed Homes


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Purchasing a suitable property at an affordable price is every home buyer’s aspiration and considering the high real estate values, foreclosed homes have become a popular cost effective alternative for a large number of first time home buyers and investors. Know the various facets of foreclosed homes through this presentation from http://www.foreclosuredatabank.com/

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What Points to Know While Purchasing Foreclosed Homes

  1. 1. Purchasing Foreclosed Homes A Great Bargain Opportunity with Unique Benefits for Homebuyers http:// www.foreclosuredatabank.com /
  2. 2. Why to Buy Foreclosures? <ul><li>With the current economic situation driving a large number of upscale homes into foreclosure there has never been a better time for homebuyers and real estate investors to opt for foreclosed homes as a much more cost effective alternative to the normal real estate market. </li></ul>
  3. 3. Understanding Foreclosures <ul><li>Foreclosed homes are properties that are repossessed by the lending party due to non-payment of the mortgage by their previous owners. </li></ul><ul><li>After repossession by the bank or any other mortgage company the property goes through a pre- foreclosure stage following which it is resold to prospective buyers through a foreclosure process. </li></ul>
  4. 4. Advantages of Foreclosed Homes <ul><li>Profitable purchase- Foreclosed homes can be bought at great bargain offers with properties available at 10-30% below current market value. </li></ul><ul><li>Lucrative investment- With appreciating property values, investing in foreclosures are a lucrative way to earn long term as well as immediate returns through resale or rentals. </li></ul><ul><li>Safe venture- All bank and government repossessed properties are free of liens and are a risk free purchase. </li></ul>
  5. 5. Unique Features <ul><li>Various incentives – Reduced interest rates, smaller down payments and lower closing costs are some unique incentives of buying foreclosed properties. </li></ul><ul><li>Wide choices –Another unique benefit is the wide variety of properties from condominiums and single family homes to large residential estates. </li></ul><ul><li>Prime locations – With foreclosures available at beachfront locales and highly affluent areas homebuyers with a modest budget can also afford a property in the choicest places in the country. </li></ul>
  6. 6. How to Find Foreclosed Homes <ul><li>Online listings are the best sources through which one can get the latest updates on suitable properties </li></ul><ul><li>Another good way to find good bargain deals is by looking up various bank and government websites. </li></ul><ul><li>Reading through newspaper classifieds and business journals is also very resourceful </li></ul><ul><li>Prospective buyers can also visit the local county offices for information on foreclosures in their preferred locations. </li></ul>
  7. 7. Useful Information about Foreclosures <ul><li>Being informed of the current real estate trends is vital in locating bargain deals </li></ul><ul><li>The process of foreclosure varies from state to state and prospective buyers should be aware of the local procedures </li></ul><ul><li>Public auctions and sheriff sales are some of the best platforms to find bargain deals </li></ul><ul><li>There are various properties available at good deals through short sales which can be looked up through online public records. </li></ul>
  8. 8. Effective Steps to Buying Foreclosures <ul><li>Research -An intensive research through online real estate websites as well as newsletters is a great way to begin tour search for foreclosed homes. </li></ul><ul><li>Subscription – Registering with an online lifting site helps you to narrow down on suitable properties efficiently. </li></ul><ul><li>Price comparison – After selecting a few properties it is very important to compare their prices with the current market rates in order to determine the best deals. </li></ul><ul><li>Inspection – Inspect the property and the neighborhood to estimate its right value before making an offer. </li></ul><ul><li>Financing – Get a preapproved loan before making an offer for a successful negotiation. </li></ul>
  9. 9. Unparalleled Benefits for Homebuyers <ul><li>With special financing options such as the tax </li></ul><ul><li>credit incentives offered by the government first time homebuyers can now avail tax credits on the purchase of foreclosed homes thereby making foreclosures the best real estate deals in the market with unparalleled benefits for prospective homebuyers. Please visit http:// www.foreclosuredatabank.com / for the best deals on foreclosed homes </li></ul>