Posted tagged ‘foreclosure listings’

Are foreclosures really a bargain?

March 6, 2014

foreclosed in flower mound, texasLife is full of twists and turns. As much as we try to plan for every possible contingency, there are simply factors that affect our lives over which we have no control. A foreclosure is not typically the desired outcome of any new home owner, yet it happens. If you have a previous foreclosure and are wondering about your options regarding future home ownership, be sure to check out our blog post titled: After a foreclosure how to own a home again.

For those of you looking to purchase a home on a smaller budget, there are several options available for “bargain house hunting.”

First, you might want to investigate purchasing a foreclosure. However, this is not a process you should go through alone. Many experts advise buyers to hire an expert to ensure the house is thoroughly inspected and that any liens, undisclosed mortgages or court judgments are cleared or at least disclosed.

Another option, if you are a veteran, is to look into veteran loans which can offer up to 100% financing. There are specific stipulations with this, so be sure you are dealing with an agent familiar with the process. The Veteran’s Association (VA) also has VA foreclosures, and if you are interested, you can call 1-800-827-1000 to request a current listing.

The Department of Housing and Urban Development (HUD) also acquires foreclosures, and if you (and the house) meet certain criteria, you could purchase a house with a down payment as low as $100.

Buying foreclosures are risky because you are buying the property “as-is.” This is why it is difficult to get a bank loan, because the bank knows if you default on your loan, they might get stuck with a money-pit.

For more information regarding purchasing a foreclosed property and where to find foreclosure listings, visit our Buyer’s Resource Page on Ideal Real Estate Group’s website and select Foreclosures. As an experienced real estate broker, Ideal Real Estate Group can walk you through the process.

If you feel you might be coming close to facing foreclosure, please pick up the phone and call me or email me, Sandy Luedke. I have decades of experience in the real estate market and have discovered options that may save you, and your home, from a foreclosure. Don’t wait until it’s too late and be proactive in exploring your options.


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