Not everyone has the ability to purchase a brand new home, but that doesn’t mean you’re down for the count. There are other alternative ways to spend the money you do have to get a home that will serve you and your family well for many years into the future.
Take the time to learn a new route towards procuring the “American Dream,” and check out a bit of helpful information. Here is a brief look at how you might go about finding foreclosures and short sales in your area.
What is a foreclosure or short sale
Foreclosures and short sales are similar in the manner that someone failed to pay their mortgage payment, and now the home is being placed up for resale. REOs (real-estate owned) and non-performing notes are also similar to a foreclosure.
Foreclosures are where the bank has retaken control of the mortgage on a property. Short sales are when the bank has given the current owners permission to sell the home at a fraction of what is owed.
Search banking websites
Check out big banking websites, as they typically list their foreclosed properties online. You will have the chance to sift through hundreds of listings, and find a home that best suits your particular situation.
Bank of America, Fannie Mae, and Freddie Mac are all great places to begin your hunt for a bargain. You may have to dig to find the perfect listing for yourself and your family, but the effort will save you thousands.
Search for government-owed listings
If you delve into what the government has to offer, you can search through the listings shown on the Department of Housing and Urban Development’s website.
The properties purchased through this (and all of the others) are often purchased “as-is,” so be cautious in your decision-making process. The government won’t come and fix a leaky basement after you’ve purchased the home.
Visit your local county offices
You may be able to get a small bit of information from visiting your local county offices, but most places will simply direct you to their website. Check your county office’s official website for repossessed properties, and narrow your search using various zip codes in the area of your choosing.
Consider working with a real estate agent
If you can hire a competent real estate agent, they are typically a great resource for locating properties that are being foreclosed on or those up for short sale. Just don’t let the term “short sale” deceive you. Purchasing a home under the terms of a short sale could take several months to a year to complete the process and have the key in hand.