One of the most economical ways for first time home buyers to break into the real estate market is by purchasing bank-owned foreclosure properties. Most banks are eager to eliminate the costs of maintaining and insuring properties and will let them go at a significant discount to their open market price, provided the banks get enough to pay off the outstanding loans on the foreclosure properties.

While some very fortunate home buyers have picked up bank foreclosure properties for as little as fifty percent of their market prices, the more usual discount is between ten and thirty percent. But most bank foreclosure properties are in livable, if not pristine condition, and ready for their new owners to move it.

Finding Bank Owned Foreclosure Properties

You can determine which banks in your area have foreclosure properties by doing research at your county recorder office, where all default notices must be filed. Even better, most county recorder offices will publish weekly listings of homes which are entering the pre-foreclosure process, and by accessing it you will have the very latest information on foreclosure properties in your area. You are not alone in your quest to find great foreclosure properties, so try to keep ahead of your competition.

When you have located the foreclosure properties most likely to meet the needs of you and your family, visit each of them in person for a thorough assessment. Make sure you know the condition of the homes' plumbing, and examine each house carefully for any signs of insect or rodent damage. If you see that the homes need work, you will need to deduct the cost of the repairs from the bids you place on them.

Making Your Offers

When you are satisfied that you have decided on a fair price for each of the foreclosure properties, you can take your offers to the banks which hold title to them. Include in your offer the estimated costs of the repairs necessary to make each property inhabitable, and make your opening bid as low as you reasonably can. That way, you'll have plenty of room to negotiate when you get the counter offer. And who knows, your opening bid might just be accepted!

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