Land Foreclosures Allow Savvy Investors to Get a Great Deal
Land foreclosures allow savvy investors to purchase a piece of land in order to build a dream house, lucrative commercial property and more. If you have cash on hand, land foreclosures allow you to get a bargain price on prime property.
Land foreclosures are pieces of property that were financed and the owners have defaulted on payment of the loan. As a result, it has been repossessed by the lender. The lender, however, does not want the property. They want the money for the property. As a result, they are looking for a new buyer and are often willing to part with it for below appraisal price.
The longer a lender has land foreclosures on their books, the more eager they are to dump them. Whoever owns the land must pay the property taxes. Because this land is not generating any income for the lender, it represents a net drain. That is why lenders are so eager to get rid of land foreclosures.
You can buy land foreclosures at three stages. The first stage is pre-foreclosure. In pre-foreclosure, the original owner still owns the property but is behind on the payments. If they can arrange a sale...
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