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Vision for the Living Room (My New House)

When someone fails to pay a mortgage payment for an extended period of time, the lender will ultimately repossess the home and remove the occupants. Once the home is empty, the lender generally lists the house for sale on the market, using a local real estate to list it.While the foreclosure, in itself, is of course sad (no one rejoices when someone loses a home), once the deed has been done, these properties can be some of the best deals you’ll find in real estate. Banks want to be in the business of lending money, not managing property, so they are often quick to offer large discounts just to get the deal off their books. Translation: You can get a great deal on foreclosed properties, if you know how to buy foreclosures right. Because the foreclosure process can take several years, these properties are often in need of some serious repair or updating. So, further discounts may be given to compensate — for buyers willing to brave a rehab. Talk to a local real estate agent about the foreclosures in your area, and start checking some out. You might be surprised at the deals you can get.