Government Auctions - Why Pre-foreclosures are Preferred by Real Estate Pros
Due to the recent real estate collapse, many people across the United States are losing their homes to foreclosure. The period of time before the official foreclosure is called pre-foreclosure. Depending on the state the pre-foreclosure period lasts from seven days to a 60 days. Real estate experts know that the pre-foreclosure period is a great time to purchase a home.
A lot of times the banks don't want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.
Here are several reasons that real estate experts feel it?s a better idea to purchase a home during a pre-closure period instead of waiting to buy a foreclosed home at a government auction:
- Pre-foreclosed houses are often times cheaper considering it?s being sold by a home owner that is in a hurry to sell it before facing foreclosure.
- Since you won?t be at an auction, you will be given more time to talk to the home owner about any questions you may have concerning the house.
- You won?t have to worry about things becoming hectic like they would at a government auction.
- You will be given more time to consider your finances before making the decision to purchase a pre-foreclosed home.
- You will be given more time to access and evaluate your finances before buying a pre-foreclosed home.
- You have more time to have a pre-foreclosed home inspected than you would at an auction. You will be aware of any potential problems the house may have.
- You will be allowed to make a low down payment on a pre-foreclosed house. At a government auction you would be required to pay the total amount in cash.
As with any house purchase make sure you check for any judgements, or liens against the estate. Bring along someone how is familiar with buying real estate and if possible have the house professional inspected. The risks are comparable to a traditional type of home purchase but with the advantages of foreclosure discounted pricing. - 23218
A lot of times the banks don't want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.
Here are several reasons that real estate experts feel it?s a better idea to purchase a home during a pre-closure period instead of waiting to buy a foreclosed home at a government auction:
- Pre-foreclosed houses are often times cheaper considering it?s being sold by a home owner that is in a hurry to sell it before facing foreclosure.
- Since you won?t be at an auction, you will be given more time to talk to the home owner about any questions you may have concerning the house.
- You won?t have to worry about things becoming hectic like they would at a government auction.
- You will be given more time to consider your finances before making the decision to purchase a pre-foreclosed home.
- You will be given more time to access and evaluate your finances before buying a pre-foreclosed home.
- You have more time to have a pre-foreclosed home inspected than you would at an auction. You will be aware of any potential problems the house may have.
- You will be allowed to make a low down payment on a pre-foreclosed house. At a government auction you would be required to pay the total amount in cash.
As with any house purchase make sure you check for any judgements, or liens against the estate. Bring along someone how is familiar with buying real estate and if possible have the house professional inspected. The risks are comparable to a traditional type of home purchase but with the advantages of foreclosure discounted pricing. - 23218
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Read descriptions on the best pre-foreclosure sites to see what they have to offer at government auctions review or go direct to pre-foreclosures
posted by X - Men @ 3:06 AM
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