| There are lots of foreclosures out there, and | | | | payment deposit and paying off the interest |
| it is tempting to wonder if one of them could | | | | only. Choose a reliable lender and consider a |
| be your next home. It raises the question: do | | | | fixed rate that you know you can afford to |
| foreclosure homes sell for a bargain price? | | | | pay. |
| | | | |
| Does supply and demand come into play here as | | | | So, if you can bring it all together and buy |
| there are many foreclosures happening? A | | | | a home, what happens if the family are still |
| report from a foreclosure listing service | | | | living there, in effect - squatting. |
| indicates that foreclosures were up 94% from | | | | |
| the same period last year. | | | | Usually when a home comes up for foreclosure, |
| | | | the sad truth is that the family have usually |
| This is not breaking news to any of us; the | | | | run themselves into the ground trying to keep |
| disaster has been widely reported, however | | | | their home. They often have no money and no |
| figures such as a 94% increase are still | | | | place to live; it can be very upsetting for |
| quite shocking and really serve to reinforce | | | | you to enforce their leaving the property. |
| the tragedy and its consequences. One of the | | | | |
| consequences may be that as a prospective | | | | There are companies who will look after this |
| home buyer you may find a home you can | | | | type of task if you do not have the heart for |
| afford. | | | | it yourself. If you feel you may need to do |
| | | | this, you will have to allow in your budget |
| However, it is not as easy as it sounds. Many | | | | for a bailiff's services. |
| of these homes are offered with a | | | | |
| 'foreclosure' discount, it is true. (Usually, | | | | You may be lucky and buy a home that is not |
| the more foreclosed homes on offer then the | | | | occupied. If you are not, I would advise that |
| larger the discount). Perhaps the biggest | | | | you pay the professionals. Trying to take |
| problem you may have to overcome is the fact | | | | care of the emotional disaster of a family |
| that the family who have lost the home may | | | | unwillingly moving out, could really mar the |
| still be living in it. | | | | pleasure of a new home for you. |
| | | | |
| These homes are usually sold at auctions to | | | | However, it is a wise business move to buy |
| the highest bidder offering above the debt | | | | when the market is low and with professional |
| owing. If the lender is selling it as an REO | | | | help you can be guided you through the |
| (real estate owned) then you will be dealing | | | | process so that you can avoid any pitfalls. |
| directly with him. If you work with an | | | | |
| experienced realtor or a foreclosure | | | | Provided by the writing team at Associates |
| specialist, you can avoid problems and you | | | | Realty in Minneapolis. We're a family |
| will find that there are many bargains out | | | | operated, full service real estate agency |
| there. | | | | with 17 realtors specializing in Minneapolis |
| | | | real estate. Browse our listings right now to |
| Beware of the type of mortgage referred to as | | | | see Bloomington real estate listings, or |
| toxic; this is often a plan with no down | | | | contact us for a one on one consultation. |