Those Who Buy A House After Foreclosure Have Their Place In The Sun
Those Who Buy a House After Foreclosure Have Their
Place in the Sun:
More and more people who have gone through a foreclosure are now saving up money and
shooting for a second chance at the American Dream. These folks have enough for a new down
payment, and many of them have worked two jobs to get back into a home as soon as three
years after their foreclosure.
Their loans are often insured by the FHA, and they are reaping the rewards of this government
program. These new buyers are reinvigorated, low-to-middle class families, who have steady
jobs and are buying homes all over again.
Even though borrowing standards have gotten more stringent, it is possible to buy a house after
foreclosure. In certain cases, these buyers are more energized and active, because they dont
have the additional burden of needing to sell their home before they can buy.
And the historically low prices certainly dont hurt.
Real estate agents from across the country have even began targeting those who wish to buy a
house after foreclosure, realizing the opportunities in this little-known class of buyers.
So how is it possible to buy after foreclosure? Well a lot of the banks are recognizing they cant
just ignore a potential buyer because of past financial hardships. With such a low volume of
potential buyers, banks have to respect the fact that some second-time buyers will be in the
market. Otherwise, they are stuck with thousands of useless bank-owned properties. These
bank owned properties were previous foreclosures that now sit on their books. There are
some neighborhoods which resemble ghost towns, because the banks are unable to resell the
property in time. And these homes often become prey to vandalism and disrepair as a result.
When the banks are faced with the dilemma of these homes, its often the FHA that swings the
vote. When the FHA steps in to say they will insure a loan for a potential home buyer, it tips the
scales, and convinces the bank to finance that home. You will need someone in your court to
prove to the bank that you can afford to pay, but if you have the right resources, this should be
no problem.
Using these FHA loans, families have saved up the money to move back into a home of
their dreams. Unlike the toxic subprime mortgages of the past, these FHA loans have strict
background checks and are verified by third party sources.
Some of the homes sold to those who wish to buy a house after foreclosure, may need a little
fixing up. In some cases, there is work to be done on fences, lights, and painting.
But if the price, and the timing is right- it may be a great opportunity to stop renting and find the
place of your dreams.
by: Home Loan Academy
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