How to Buy Foreclosed Homes A Guide for Beginning Investors
Many people see the current economic crisis and housing troubles as an opportunity in disguise. This is how you can make the most of it and how to buy foreclosed homes.
The first step in how to buy foreclosed homes is to understand what these homes are. These are properties that lenders have taken back because the homeowner has not been able to repay the mortgage. The home was used as collateral and the home was repossessed.
The next step in how to buy foreclosed homes is finding a list of these distressed properties. You can scour the internet and look for individual lists or pay a small fee for a subscription fee that gives you access to a large database of homes. You can also work directly with one of the increasing number of real estate agents who are dealing primarily in foreclosed properties.
Next up in how to buy foreclosed homes is understanding the financial realities of such properties. For instance, distressed homes sell for as much as 30 percent off the appraised value. However, often they have significant property damage that must be considered. Recent reports have shown that...
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