One good way of getting a home at a cheaper rate is to pursue foreclosures. Many homebuyers, who want to make sure that they get the best possible real estate deal, think about foreclosures. For a prospective homebuyer, purchasing a foreclosed property can result in big savings and various other benefits because these homes are sold at a rate that is way below the market value. Savings are even more on foreclosures since the buyer need not spend anything extra on housing and other interior decorations. In fact, foreclosures even allow those with low income and bad credit to purchase a home that would otherwise be well beyond their capacity.

Foreclosures occur when the lender repossesses the real estate property as the borrower is unable to pay back the mortgage amount. Sellers have the legal right to resell the property to get back their loan amount. In most cases, sellers sell the property at a value that is equal to or slightly more than the balance loan amount.

However, one needs to be really careful and vigilant while buying a foreclosure. The best way to buy a foreclosed property is to approach the seller directly. Investors, who are really interested in buying foreclosure properties, prefer to purchase the property even before it reaches the final stages of foreclosure. The advantage of this method is that the homebuyer can get the property assessed and inspected by a professional inspector and an appraiser so as to determine the real market value of the property. Depending on this, an offer can be made to the seller. Sale price can be zeroed in through a careful negotiation with the seller directly.

Another way is to buy during the auction held by the trustee. In these situations, the buyer does not have the luxury of getting the property inspected before making an offer. Such types of investments can be risky.

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