Who Can Buy Foreclosure Homes?
by William on Tuesday, April 27th, 2010 | 4 Comments
Is there a way for an average person like me to get a hold of foreclosure homes?
Me and my wife are not financially well off. We survive but we can’t afford much beyond what we have. We have a daughter and wanting to get into the housing market but we live in Los Angeles. We want a house but we are not willing to live in a dangerous neighborhood. We figure foreclosure homes are our only hope because we hear how cheap they are. We also heard they are only for already rich people who have it good with the banks. Is there a way for the average person like us to get a hold of a house that’s being repo by the bank?
yea you just have to know he right information and you can get one…. good luck
The procedure is quite complicated, and when it comes down it, the savings aren’t always as great as people say they are. Because you factor in the process and the fees, and the fact that nobody is giving away homes in the Los Angeles area.
You might want to look to the government for assistance. Foreclosures can be good investments, but if you know very little, you’re likely to miss the good opportunities.
Check into a FHA loan for low-income households and see what they have to offer. And watch out for scammers promising you amazing deals on foreclosures and other unique opportunities.
Learn more at http://www.thetruthaboutmortgage.com
We too are looking in the same direction as yourselves. One of the best tool we have found is realtytrac.com. This site deals in not only bank foreclosures but also FSBOs (for sale by owners), pre-foreclosures and REOs (real-estate owned) which are bank-owned property. They work in all states and give good advice. Now with all things on the net remember that every thing costs. So GOOD LUCK I hope this helped.
http://www.realtytrac.com has a massive list of foreclosure and pre-foreclosure properties. Great resource.
The first thing yo need to do is learn the market, Know the values and don’t trust anyone. Real estate agents, (I am one) are only interested in the point of sale. Most could care less how little you pay for it. the more you pay the more they make.
Do your homework! http://www.Zillow.com is a good resource for getting an estimate of home values. It is not perfect and there are flaws, but it is useful.
Get pre-approved for a mortgage if you do not have the cash to buy! You cannot make offers on property and expect anyone to take you seriously if you do not have capital.
Foreclosures are at an all-time high. I’m not sure what the market is like in LA but the rest of the Country is seeing a huge glut of foreclosures.
Expect to have to do some repairs, most of the people losing their homes are not happy and do not leave the home in the best condition.
RealtyTrac is the source you need.
I have also added a link to an investment article on my website.