| There has never been a better time to start buying | | | | of 30 - 40%) |
| foreclosed homes. With the economy the way it is, | | | | - You may even want to go as far as hiring a home |
| people are having to foreclose on their homes left and | | | | inspector to assess a home, and make sure that it is in |
| right. However, before you run off and try to get a | | | | good condition, and not in need of any major repairs |
| major discount on your new home, there are a few | | | | that would make the discount void. |
| things you need to consider before you start. | | | | 3. Check to see who has taken claim of the house: |
| 1. Learn the local laws on home foreclosure: | | | | - Most foreclosures are owned by the bank or creditor |
| - If you do not know the laws, you may make a | | | | that lent out on the mortgage. These will get you your |
| mistake, and actually pay more for the home than you | | | | best deal, as they may give you a break on closing |
| planned/ | | | | costs, and even an interest break if you keep the |
| - Your local laws can be found on the internet, or by | | | | mortgage with them. |
| going to your local courthouse. | | | | - The home might not actually be at the foreclosure |
| 2. Get a proper assessment on any house that you | | | | stage, and the owners might still have ownership. This |
| are interested in: | | | | is what is called a short sale, and you might not get as |
| - Check local property values of a similar house to | | | | good of a deal as you would if it's in the final |
| determine the actual value. | | | | foreclosure stage. |
| - Make sure you are actually getting a deal when you | | | | With these 3 major tips on buying foreclosed homes, |
| go to buy the home. Sometimes you are really only | | | | you will have no trouble getting the best deal you can, |
| getting a very small discount, sometimes as low as | | | | and be on your way to owning your new home at the |
| 5%. If there are any repairs that need to be done may | | | | proper discount that you deserve. Happy House |
| push the price above what the house is really worth. | | | | hunting! |
| (There are a lot of foreclosures that have a discount | | | | |