There are more and more reports and studies about the rising amount of home foreclosures for sale. These appeal to both investors and individuals who are looking for more houses that they can afford. After the collapse of the housing market, the resulting decline in prices of all homes, foreclosed or not, has made the market even more appealing for buyers, experienced and novice alike.
Experienced investors are very busy right now and trying to gobble up as much of the best deals on these properties that they can. It’s not at all unheard of to buy one of these properties at 50% below market value and then do the repairs necessary to resell it just a few months later for the actual market value.
But in order to make smart investments in home foreclosures for sale, there is a bit of a learning curve, and you should do your research. In addition to the price of the home you must also consider at the condition of the foreclosed property. More often than not, the homeowners were struggling to make their payments way before they went into foreclosure, and they sacrificed all repairs that were needed on the home. The repairs that are needed may be more than what you can afford or would want to pay.
You also most definitely need to make sure that you have a clean title and avoid any complicated issues that would make it harder for you to resell the home. Another important aspect you need to research is the area of the home. You will find the best discounts in neighborhoods that are rundown or that already have many foreclosures, but these are ones that you would want to stay clear of unless you have done some research that reveals that this neighborhood will pick up sometime soon.
There are many sources that you can use to find the right home foreclosures for sale that are right for you: newspapers, online listings, real estate agents, public notices of auctions, and local banks. Lenders are very happy to give over a list of foreclosures to you and real estate agents get the inside scoop on foreclosures before they go on the market.
There are several internet sites that list home foreclosures for sale. While most of them require a membership, you do get a free one-week trial to test them out. Some of the bigger names are Foreclosure.com, Foreclosures.com, RealyTrac.com, and RealtyStore.com but these are just a few of what you have available to you.
All of these sites offer a variety of different features so make sure that you do pick one that provides customer service, many details into the homes that you are viewing such as community profiles, home details, prices, etc, and, especially if you are new to the foreclosure process, tools and articles that will help you in your search.