| One of the most economical ways for first time home | | | | properties in your area. You are not alone in your |
| buyers to break into the real estate market is by | | | | quest to find great foreclosure properties, so try to |
| purchasing bank-owned foreclosure properties. Most | | | | keep ahead of your competition. |
| banks are eager to eliminate the costs of maintaining | | | | When you have located the foreclosure properties |
| and insuring properties and will let them go at a | | | | most likely to meet the needs of you and your family, |
| significant discount to their open market price, provided | | | | visit each of them in person for a thorough |
| the banks get enough to pay off the outstanding loans | | | | assessment. Make sure you know the condition of the |
| on the foreclosure properties. | | | | homes' plumbing, and examine each house carefully |
| While some very fortunate home buyers have picked | | | | for any signs of insect or rodent damage. If you see |
| up bank foreclosure properties for as little as fifty | | | | that the homes need work, you will need to deduct the |
| percent of their market prices, the more usual discount | | | | cost of the repairs from the bids you place on them. |
| is between ten and thirty percent. But most bank | | | | Making Your Offers |
| foreclosure properties are in livable, if not pristine | | | | When you are satisfied that you have decided on a |
| condition, and ready for their new owners to move it. | | | | fair price for each of the foreclosure properties, you |
| Finding Bank Owned Foreclosure Properties | | | | can take your offers to the banks which hold title to |
| You can determine which banks in your area have | | | | them. Include in your offer the estimated costs of the |
| foreclosure properties by doing research at your | | | | repairs necessary to make each property inhabitable, |
| county recorder office, where all default notices must | | | | and make your opening bid as low as you reasonably |
| be filed. Even better, most county recorder offices will | | | | can. That way, you'll have plenty of room to negotiate |
| publish weekly listings of homes which are entering the | | | | when you get the counter offer. And who knows, your |
| pre-foreclosure process, and by accessing it you will | | | | opening bid might just be accepted! |
| have the very latest information on foreclosure | | | | |