It is Possible to Get a Great Deal on a Home? Foreclosures may be the answer:

If you've wanted to buy a home, but you are worried about whether or not you will have the funds available to do so, you should consider purchasing a home that is in the process of foreclosure. By doing this, you can purchase a home for a price that is way below the market value. Buying a home in foreclosure can save you a ton of money however you should really prepare yourself in some ways before you take a leap. There are certain steps you can take to do this.

Preparing to Purchase a Home Foreclosures:

Learning about the properties that will be put up for auction in your county is very helpful. You can simply visit the courthouse in your county and check out the Registry of Impending Foreclosure Sales. There are many other foreclosure homes listing services that are available to you as well. You've probably seen them advertised either on the internet, computer, or television. The prices normally run around $150 to $450 yearly.

Once you have a list of homes that will be put up for auction, you will want to find out more about the property. Now, this can be difficult because many foreclosure auctions will not allow you to check out the property before you bid. There will be information provided on the home, as far as the number of bathrooms and bedrooms, and then you can check out the outside of the home. What kind of condition is it in? You should also find the recent tax assessments related to the property. Using this information, you are able to judge it side by side with other properties. Checking with realtors or having the home valued isn't a bad idea.

Once you've found a home that you'd like to bid on, you need to figure out your budget. Homes which are in the process of foreclosure will typically be 70 to 75 percent off of a home of comparison in the area. Check between the price of this house, and the price of a similar home in the area. Once you have found all of this information, use it and your own budget limitations to decide what you can pay for the property.

Make sure that financing is in place and that you can access it quickly after the conclusion of the auction. Many people get pre qualified and pre approved for a home loan based on the expected amount of money you want to spend on the purchase of the home. You will want to add around 10 percent for repair expenses. You don't know for certain what might need to be prepared, but having this amount ready to go just in case, is a great idea. By having these things ready to go, you will be a better bidder, and you don't stand the chance of losing the home you want so badly.

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