What a Foreclosure Can Do For You

Ok so lets face it, if you are looking to purchase a home buying a foreclosure can help you save money.  Purchasing a foreclosed home can get you more home for each dollar that you spend.  When the market fluctuates as much as it has in the past 5 years no one wants to pay for an over priced house.  In the past people have destroyed their home before the bank took it over devaluing the property.  This is no longer a common occurrence as it once was because banks are paying people to leave the property as is.  This leaves an opportunity for home buyers.

Foreclosed homes are coming to the market in better than ever condition.  You may even be able to find an updated home that is in good condition under market value.  It is always advised to search the MLS for foreclosures before looking at the regular listings.  Foreclosed homes sell faster because they are under market value.  It is becoming harder and harder to flip property to make money, so investors are flocking to the foreclosure listings.  Act fast when purchasing a foreclosure because offers roll in. 

Get the foreclosure home inspected.  It is always advised to get a home inspected before purchasing it and this is especially true when putting in an offer on a foreclosed listing.  You want to make sure that any problem is disclosed before making your purchase.  Banks rarely inspect the home thoroughly because they have a large amount of foreclosures and do not want to spend any more money than they have already lost. 

SEARCH FORECLOSURE LISTINGS NOW

Always remember that the word "foreclosure" always perks buyers up because they think that they are getting a deal.  If you choose to purchase a foreclosed home just to fix it up and resell it be sure that you have enough cash to allow it to sit on the market for a few months when re-listing it.  The home will no longer be classified as a foreclosure home for sale and will be listed as a regular listing.  If priced right it will sell fast however there are more homes for sale currently than buyers.  Make sure that your home is priced a little less than others so that it sells faster.