What Are The Unique Investment Features Of Foreclosed Homes And How To Purchase One Successfully?
By Melanie Hogeveen on May 15, 2010
With their relatively low asking prices and attractive incentives for home buyers foreclosed homes are becoming an increasing popular option in today's lean times.
Investing in foreclosed homes – Unique features
While the low rates of foreclosures is one of the major reasons for their popularity there are some additional unique investment features of these properties which make them highly preferred and valued property deal which are as follows:
* Increased benefits for first time buyers – Various banks and mortgage companies all over the country are offering attractive incentives to first time buyers such as low interest rates and tax credit exemptions which makes investing in foreclosed homes a great Buy in today's times.
* Ideal business enterprise for realtors – Foreclosed homes offer a very lucrative enterprise for real estate agents as they can Buy these properties at nearly half of the market rates and resell them at a wide profit margin.
* Safe real estate transaction – One of the most unique aspects of purchasing foreclosed homes is the fact that they make for one of the safest and most secure transactions in the real estate market.
* High long term returns – Investing in foreclosures also offers significant remuneration potential. Buyers can purchase the property at real low asking prices and then put them up in the market after a period of time to earn high returns.
Purchasing foreclosed homes successfully – Important Steps
In order to identify and successfully purchase a value property deal through foreclosed homes buyers need to become familiar with the foreclosure buying process and keep some important points in mind. Listed below is a step by step instruction to buying foreclosed homes successfully:
1. Understand the local foreclosure laws – As the process of purchasing a foreclosed home varies from state to state in the US, the foremost step is to understand the local laws, eligibility criterions as well as the various incentives being offered in your area.
2. Find suitable properties – Going through the right channels such as genuine online listing services, local newspaper classifieds and consulting professionals will ensure that you have a list of prime foreclosed homes of your choice.
3. Identify the best value deal – Once you have shortlisted suitable properties, compare their location, present status, asking price and various other features comprehensively in order to narrow down on the best bargain deal.
4. Carry out a thorough inspection – Now that you have decided on a property, arrange for a thorough and professional inspection so as to determine its status, true worth, repair costs before making a final decision.
5. Make a suitable offer – On the basis of your evaluation of the property you can now submit a suitable offer to the sellers and negotiate for lower closing costs as well.
Getting a thorough idea of foreclosed homes and following the above instructions will help buyers in acquiring their ideal home at an affordable cost. So go ahead and follow the above guidelines and get the home of your dreams at a great Buy!Melanie Hogeveen is an expert writer in the field of real estate especially foreclosures and has been doing research on foreclosures for the past several years. She is renowned for her advices and tips on buying foreclosures. For more details please visit Foreclosed Homes.
Original article published on SooperArticles.com
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