Perks of Buying a Foreclosed Home!
Due to the depressed economic conditions, there has been a wave of foreclosures. These kind of properties presented attractive opportunities for home seekers to buy a house at an affordable price.
* Low Prices – almost available at a discount to their market price. Discounts of 30% to 50% are not unheard of but the usual discounts are in the more modest range of 5% to 10%.
* Great Home Flipping Opportunities – spend some time, effort and money in doing up the house, you may well be able to resell it at a quick profit.
* Immediate Availability – most lenders will ensure that after the foreclosure, the home is empty before they put in on the market. It is therefore immediately available to buyer who can move in without any delay.
* Better Terms – most lenders are in a hurry to sell off foreclosed properties and will give you a good deal simply to expedite the sale process. You may be able to get away with lower closing costs, a lower down payment and better financing terms.
* Attractive Financing – if you have a decent credit history and a good credit score, the banks or lenders selling the foreclosed property will bend over backwards in offering you flexible financing for the property.