subject: What The Current Economy Has Done To Foreclosure Listings [print this page] Due to high unemployment, the housing bubble bust and the slow economy, many people have lost their homes. People who have mortgages but purchased their homes for significantly more than theyre worth today are underwater; so they cant sell to cover their debt. If they cant afford to pay their mortgage, and they cant sell their home because its underwater they may lose their home to the bank. Eventually it is likely to become a foreclosure listing.
Buying a foreclosed home you find in the foreclosure listings is a little different from buying a typical resale home. When borrowers fail to make their mortgage payments and are unable to sell their homes because they are underwater, lenders take possession and offer them for sale. In these kinds of situations there is often a single real estate agent. Typically the owner requires a letter of preapproval from a lender in cases where the buyer needs a loan. Foreclosed homes are typically sold in as is condition.
Advantages of buying a home that is a foreclosure listing are that there is no waiting period to move in, and it is possible to get an excellent price. Another important reason to purchase a home from foreclosure listings is that it transforms the home from an unsalable property to a home that is affordable for new owners. Foreclosure listings help to make the housing market function normally again.
The majority of distressed properties sold recently were purchased by first time buyers, according to Lawrence Yun, chief economist for the National Association of Realtors. Before you begin looking at foreclosure listings, you should get preapproved for a mortgage. Foreclosures are being sold by banks that work with certain realtors, and it might be a good idea to find out which ones are working in the area youre interested in. We at CreditNowUSA.com have a nationwide database of millions foreclosure listings. We can help you get started on a search that can result in savings of thousands of dollars by selecting a bank foreclosure listing rather than a typical real estate listing. According to ABC News, people purchasing from foreclosure listings save on average 28%.
When you buy a home through foreclosure listings, make sure to get a home inspection just as you would with a typical listing. As with any other home purchase, title insurance is also important. In the first half of 2012, foreclosures rose in almost 60 percent of large U.S. cities, so the chances are better than ever that foreclosure listings will bring you better than ever bargains. Consult our complete selection of foreclosure listings at CreditNowUSA.com and find the home of your dreams.
For more information, go to Foreclosure Listings at http://www.creditnowusa.com/Foreclosure-Listings
