Posted on November 8, 2010.
My credit score Between 650 and IS 670. I am planning to buy a house with My Husband And His Credit Score Above 800 IS.
Are foreclosure homes Better Deal?
Jerrell Mahalko says...
There are many places to find foreclosure properties, but I would start by going to your bank and finding out how much they will allow you to spend and if they will lend money to you on a foreclosure property. When you are buying foreclosure properties, you'll need to have the money available very quickly. In some cases, you'll need to write a check for the home the same day. You'll need to have all the details worked out with your lender ahead of time, so this is possible.
If you don't intend to buy a home at the sheriff's sale, then you'll be looking for Pre-Foreclosures or REO Properties. These are properties that the bank has already bought back from the sheriff's sale (REO) or properties that have not gone to sale yet, but are in default (Pre-Foreclosure). In either case, the owner (the bank or the individual in default) may be trying to sell the property as quickly as possible. The home may be listed with an agent, or it could be for sale by owner. Either way, these are usually considered "distressed" properties and should be selling under the current market value.
Right now, because of the real estate market, you can buy just about any house under it's market value, so don't just limit yourself to foreclosure properties. Make sure you find a home that you love and one that doesn't need a lot of repairs.
If you would rather find something that needs repairs and fixing, so you can trade your own labor for a great deal, then you'll want to contact local real estate agents and ask if they have any "fixer uppers" or foreclosure properties that need work. You can buy these home for much less than they would be worth in good condition. But make sure you do a complete inspection before buying, so you know what you're getting into.
Be careful when getting into the foreclosure market, there are many people who have lost money buying foreclosures, and there is a lot of fraud in this industry. Make sure you only work with a reputable company who has specific experience with foreclosure properties.
Posted on November 9, 2010
