Real Estate - Is a Preforeclosure a better investment then a Foreclosure?
Due to the recent real estate collapse, many people across the United States are losing their homes to foreclosure. The period of time before the official foreclosure is called pre-foreclosure. Depending on the state the pre-foreclosure period lasts from seven days to a 60 days. Real estate experts know that the pre-foreclosure period is a great time to purchase a home.
A lot of times the banks don't want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.
Many Realtors agree that buying a pre-foreclosed home is an excellent idea. Here are many advantages to buying a pre-foreclosed home from a homeowner rather than a foreclosed home at a government auction:
- A pre-foreclosed home could actually be cheaper then foreclosure because you are dealing one-on-one with an owner who desperately wants to avoid foreclosure.
- You will be given good opportunities to ask the home owner questions concerning the home.
- You won?t have to worry about things becoming hectic like they would at a government auction.
- More time to evaluate financial scenario then at an auction.
- Auctions can be either overwhelming or lead to egotistical or emotional decisions.
- You have more time to have a pre-foreclosed home inspected than you would at an auction. You will be aware of any potential problems the house may have.
- You will be allowed to make a low down payment on a pre-foreclosed house. At a government auction you would be required to pay the total amount in cash.
Always check to make sure that the pre-foreclosed home you?re interested in has no liens or judgements against it. You should also bring along someone to inspect the home for you so you?ll know of any problems it may have. The risks in purchasing a pre-foreclosed home are similar to purchasing a home the traditional way, only a lot less expensive! You can even resell the pre-foreclosed home for more money than you purchased it for. - 23208
A lot of times the banks don't want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.
Many Realtors agree that buying a pre-foreclosed home is an excellent idea. Here are many advantages to buying a pre-foreclosed home from a homeowner rather than a foreclosed home at a government auction:
- A pre-foreclosed home could actually be cheaper then foreclosure because you are dealing one-on-one with an owner who desperately wants to avoid foreclosure.
- You will be given good opportunities to ask the home owner questions concerning the home.
- You won?t have to worry about things becoming hectic like they would at a government auction.
- More time to evaluate financial scenario then at an auction.
- Auctions can be either overwhelming or lead to egotistical or emotional decisions.
- You have more time to have a pre-foreclosed home inspected than you would at an auction. You will be aware of any potential problems the house may have.
- You will be allowed to make a low down payment on a pre-foreclosed house. At a government auction you would be required to pay the total amount in cash.
Always check to make sure that the pre-foreclosed home you?re interested in has no liens or judgements against it. You should also bring along someone to inspect the home for you so you?ll know of any problems it may have. The risks in purchasing a pre-foreclosed home are similar to purchasing a home the traditional way, only a lot less expensive! You can even resell the pre-foreclosed home for more money than you purchased it for. - 23208
About the Author:
See descriptions on the top pre-foreclosure sites to see what they have to offer at government auctions review or go direct to preforeclosures
posted by X - Men @ 2:16 AM
0 Comments
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home