subject: Jump Into Buying A New Home With Foreclosure Listings Today [print this page] If you are looking into a new home then you have probably heard about the huge savings that smart home buyers are finding with foreclosure listings. There are many benefits to these properties including lower rates and easier financing. With a little research and the right realtor, any new homebuyer can find the foreclosure of their dreams at a price they can brag about.
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Foreclosure listings are available through a variety of sources including the local paper, foreclosure listing services and through various local lenders. When a homeowner falls behind on payments for an extensive amount of time, the lender will begin foreclosure proceedings. Once the home has been deemed a foreclosure, it will be listed for sale at the local auction. These properties are then auctioned off in as-is condition to interested buyers. It is important to remember that the asking price for the home may not include additional fees from accumulated interest, back taxes or multiple mortgages.
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During foreclosure proceedings, banks are interested in getting as much out of the property as possible to decrease the amount of money lost. While buyers are unable to view a foreclosure property prior to purchasing it, they are able to do research on their own. Consider the information supplied about the home. What year was it built? How many square feet is it? What section of town is the home in? Lenders post signs out front of homes that are undergoing foreclosure; the listing may only have the street name without a specific address but the sign allows buyers to go ahead and search for the home on their own. The outside appearance of a home can tell allot about the inside of it.
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Newer homes that are listed as foreclosures are most likely being sold for more than they are worth on the market to help the lender recoup the remaining balance owed. Older homes however will, in most cases, have more of the balance paid off. While the listing may be more than market value, it will be a less overall cost which essentially gives the buyer more "bang for their buck." Carefully scan foreclosure listings for the details you need in a home. Cosmetic damage or repairs are relatively inexpensive when the home price is less. Electrical and plumbing repairs can be costly for the new homeowner if they are not intact during the purchase of the home.
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Our foreclosure listings will make finding the home of your dreams easy as 1-2-3. With over 95,000 new homes being listed as foreclosures during the month of August and over 350,000 homes currently listing around the United States, there is sure to be a home for everyone on every budget.
