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The following article was published in our article directory on May 17, 2010.
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Buying Foreclosures as an Investment

Article Category: Real Estate

Author Name: Kenn Fong

Many people are interested in buying foreclosures. They hear about the big savings in money. Did you know that not all foreclosures are the same? There are foreclosure sales and there are REO foreclosures. There are things to know about both of them. Here is information that you may wish to consider.

Foreclosure auctions

When a home goes into foreclosure, the owner has defaulted on the mortgage. The lender will have a foreclosure auction. You will need to attend the auction. If you want the property, you will need to bid on it. In most cases, the minimum bid will have to be as much as the loan balance. It will need to include any fees. It may need to include taxes also. The lender does not wish to lose money on the sale.

In a foreclosure auction, you will most likely, have to pay cash. If you win the bidding, the property will be yours, as is. As is, means in the current condition and no guarantees. You may have to evict people from the property. There may also be liens on the property. These deals usually favor real estate investors. Consumer purchases may be difficult.

Many times, these auctions will have no successful bidders. The lender or bank will takes possession of the house.

REO foreclosures

When a foreclosure auction fails, the lender must take possession of the property. The home may not have any problems. Often times, no one bids on properties in a foreclosure auction. The mortgage holder may have been unable to make payments.

The lender does not really want to own the house. They cannot make money, as long as it sits vacant. Buying the property will not be a risky situation. You are buying directly from the seller. The seller owns the property free and clear. You will not have to pay any back taxes. There will be no property liens to be concerned with. The house will be vacant. There will be no one to evict. The seller will want to sell the house as soon as possible.

You may be able to buy the home for as much as twenty percent less than the market value. You may get favorable interest rates and a low down payment. The lender is a motivated seller.

Final thoughts

Buying foreclosures can be a good investment. Often times, it will depend on the situation. An REO foreclosure will usually benefit buyers like first time homeowners. A foreclosure auction is usually better for an investor. Do your homework and you can get a very good deal.

Keywords: buying foreclosures

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