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