Where to Buy a Foreclosed Home?

Potential buyers of affordable housing may consider buying a foreclosed property. Foreclosed houses, sometimes called real estate owned (REO) houses, can be quite the worthy bargain if buyers know where to look.

Image Source: leawardinvestments.com

Foreclosures are properties owned by a bank or a lender after previous owners defaulted from their housing loans.  Getting the best deal may take some time, but chances are foreclosures may spare a buyer from thousands of dollars as opposed to buying a completely new home.

One may consider buying foreclosures from sellers who have missed mortgage payments, a short sale, a public auction, or an REO agent from a bank or a lender.  The last two are where people commonly go for a purchase.

Consider the pros and cons of buying from the four sources.  Missed payments sellers are usually motivated to keep the price at a minimum.  Auctions and short sales are convenient and quick. Banks also offer affordable options, plus more flexible payment terms.

Whichever way one will find and purchase a property, another key consideration is location.  It not only determines accessibility to school, work, and establishments that supply the homeowner’s basic needs. Checking across locations may also help buyers find the most affordable areas for foreclosures.  Since some locales are host to a surge in foreclosed properties, they will more likely have sellers scrambling to sell houses at lower costs just to move the properties quickly.

Some websites offer on-state, on-location foreclosure listings with other information relevant for prospective buyers.  This takes away some time and effort from the rather cumbersome process of finding houses.

Powered by online networking and consulting company Heavy Hammer Inc., USHUD.com offers free listings of government and bank-owned foreclosures. Get up-to-date and comprehensive real estate updates on this blog.

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