If you are the Fist time home buyer or an investor now is the good time to buy a house.
With First
time home buyer tax credit Extension/Expansion program.
With interest rates at all times low.
If you’re looking to take advantage
of today’s historic market, one of the best places to buy at bargain
residential real estate property is in foreclosures.
The current market makes today the perfect time for a new investor
or first time home buyer to purchase one or more bargain properties
for their private residence, rental or resale.
Even upscale homes go into foreclosures, especially in today’s
economy. Even beach front and homes in the best areas are part of
the mix of properties you can secure at bargain rates.
When to buy…As a first time home buyer, you must learn the right way to
proceed with the process. For many it may seem
daunting.
But with a good amount of research, preparation and persistence
good deals can be found.
FORECLOSUREsWhen are homeowner falls behind of mortgage payments,
foreclosure process begins. Truthfully, when a home goes into
foreclosure the homeowner usually has been struggling for quite
some time before missing payments.
This also means homes are generally in disrepair and in need of
maintenance. This could mean leaky roofs, missing light bulbs,
landscaping, windows, appliances, carpets etc. Even in the most
affluent homes.
Homes in poor condition mean the best deals, but you must consider
cost of repair.
Don’t fret, depending on the area, the homes after repair value could
still fetch top dollar.
Phases of foreclosure…
The first phase of foreclosure is a notice of default, or Lis Pendens.
This is a public document and you can get lists of homes in lis
pendens from list brokers, magazines or the Internet.
Be sure to look for liens on the property as they may drive up the final
purchase price. Also be sure to check values of neighboring
properties to get a good gauge of market value. And be aware of
local state laws as they differ from state to state.
Now, for most new investors, buying from a lender is the easiest and
safest way to buy. While homes in good condition do not go for the
bottom barrel prices, good discounts can still be found.
Often banks use real estate agents to sell foreclosures through
traditional means.
The safest way to buy…For an inexperienced buyer, the safest deals are bank-owned
properties.
There is less risk in dealing with these houses as there are no taxes,
liens and the homes are empty. At the same time, lenders trying to rid
themselves of under performing assets may be willing to offer more
attractive terms.
Finding deals others won’t…Some foreclosed homes are brand new and never lived in. These are
harder to find and may not be on any national lists. Many
homebuilders of new homes end their construction-loan periods
without buyers and the lenders take possession.
Other ways to find other foreclosures that other buyers may not be
aware of by looking for homeowners in pre-foreclosure situations.
This requires more persistence, but can be worth the reward. This is
high risk, but can also yield high rewards.
Auctions…Many foreclosure auctions take place on the courthouse steps, but
the disadvantages are you require the full purchase price the same
day and you may not be able to inspect properties.
The Preferable way is
Buying through a Residentual Redevelopment CompanyYou may not have heard of a Residential Rdevelopment Company in Jacksonville, FL.
Komelot – Real Estate Solutions Group is a local Residential Redevelopment Company. We specialize in buying problematic properties (Foreclosure, Short Sale, Auction) across the community for low prices. Rehab and beautify these properties to rejuvenate and rebuild entire communities and neighborhoods.
They may be a little harder to find, but oftentimes the search is worth it, as we can pass the savings on to you, the buyer.
Our goal is to beautify the community, so we have
gorgeous homes at rock bottom prices.
Oftentimes, Our Residential Redevelopment Company is able to rehabilitate a home using the finest materials, while being able to sell the home for a great price.
About The Author:
Dmitry Mikhaylov and
Komelot – Real Estate Solutions Group invites you to explore Jacksonville, FL bargain house deals.
Join our VIP notification list and get instant access to our network and be the first to know when the very best homes at the very best prices in Jacksonville, FL area become available.
http://buy-house-jacksonville.com
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