Unless you live on a deserted island or in the back woods without cable, newspapers or magazines, you will have heard something about foreclosures. Perhaps you wonder if all this is just hype and wonder if there is any truth worth your real attention. No one wants to miss an opportunity. Generally, yes, we can safely say that foreclosed homes offer the home buyer a unique opportunity to save. Most foreclosure homes are priced below market value. You may wonder what the best steps are to learn more and take advantage of the current trend in foreclosures. How do you locate them and you why are they priced better than other real estate?
Foreclosures – What Are They?
It helps to understand the foreclosure process to understand why the bargains are out there. Traditionally when you are ready to buy a home or property you go to the bank and negotiate a mortgage. You are expected to make your monthly mortgage payments. Given the current economic times many people have added expenses of credit card payments, high interest rates, job layoffs and job losses and they just can no longer make those monthly payments.
Once you are late with your mortgage payments the bank can take back that home. It is not good business for them to hold on to that reclaimed property for long. There are costs associated with holding it, taxes, home and yard maintenance and risks of vandalism when a home is left empty. It is better for them to let it sell for a reduced amount and get someone in there to carry costs and maintenance.
Finding Absolutely Free Foreclosure Listings
Be wary of sites asking you for membership fees upfront. Take advantage of sites offering you a free 7-day trial. Whether you are looking for a condo, townhouse, single family home, multi family home or commercial property you can find a huge inventory of properties at foreclosure websites. Because of the increase in foreclosures and people trying to find a buy, many websites have sprung up that are of differing quality. With a little patience you can locate the right site that is maintained and updated with the newest listings daily or even twice a day, including photos, prices, addresses, maps, and more.