Foreclosed Homes: Discussing Tips to Buy One

Foreclosed homes or bank foreclosed homes are the types of properties that are currently owned by a bank or financial institution as the previous owner miscarry with their debt or mortgage payments. These types of foreclosed homes are an attractive buy for any foreclosure or real estate investor. These types of properties are generally sold through auctions.

The bank calls for an auction and the highest bidder goes with the property. Generally foreclosed home auctions takes place after the bank accumulated a number of such homes. The main advantage of buying a foreclosed home or property is its sale value. A foreclosed home or property are sold at a price that is almost 40-50% less than the actual market value of such property. The banks offer such a low price for these properties as it has to be sold in order to curtail future recurring expenses arising from such foreclosed properties.

From such auctions the bank pulls off its money (in most of the cases nearly a fraction or same) it invested and the buyer is happy to get such great pieces of property at such low prices. Let’s discuss some tips that you may take into consideration while bidding at auctions for a foreclosed property.

1. The first thing that you should learn is about the procedures of bidding at auctions. This is required as it will prevent you from ending up buying an overpriced property and while making an informed decision. For this you can consult thousands of websites and articles on foreclosed home bidding tips or auction rules. Just get your doubts clear and bag a great deal.

2. You need to consult an expert before going out for a home auction bid. An expert advice can help you in judging the actual price of the property that you are planning to buy. You can also ask him about the previous point, i.e., ‘how to bid in a foreclosure auction?’

3. You can also take advices from your friends or relatives who have prior experience of involvement in a foreclosure auction.

4. You need to be smart while bidding or negotiating. You should be well aware of all the fact and figures, especially legal before the bidding procedure in order to avoid any kind of future hassles.

5. Before you start bidding, spend some time inspecting the house. Make a total estimate of your expenses and also don’t forget to consider the repair work that need to be done after having it.

6. Make sure that you are totally aware about all the facts and figures related to the house or property. In some cases, banks tend to auction a property or house that requires extreme repair or upgrading. Stay well informed and make your decision.
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Bob John Rock is a freelance real estate investor guide who has written many successful articles and books on real estate investors and investments. He currently lives in Tampa, FL and helps people to buy foreclosure properties, real estate investments and loves surfing at past time.

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Hiring the Right Home Builder

If you’re looking for a new home, you have probably already thought about the idea of building a new home, and you definitely aren’t the only person who finds this idea appealing. In the past decade, the numbers of new homes built from scratch have increased a lot. The reason is mainly that people prefer to invest in a brand new home than move into a house which has already been lived in. If you would like to have your home built, one important thing you must do is find a new home builder close to where you live.

Finding an efficient new home builder is the first step that needs to be taken if you would like your house built from scratch. The procedure isn’t difficult, but unfortunately sometimes it is made harder than what it really is or should be. In lots of cases, people give up and simply choose an older home. This shouldn’t be necessary if you know what you are doing.

When you begin to look for an appropriate new home builder, you must ensure that you gather as much information as you possibly can. You will want to inquire about is how many other homes they have worked on in the past. This will help with two things: firstly, it will be a good way for you to be sure that they are qualified for the job, and secondly, it will be an opportunity for you to see new homes and get some ideas. Through gaining access to past work, you will be able to make a better choice for the skills of the new home builder that you are considering hiring.

Before you hire your new home builder, ensure that the project strategy is very unambiguous. Doing this will help to get you exactly what you wish, and for the right price. Don’t make the mistake of choosing a new home builder, without ever getting any of the details in writing first. Make extra sure that everything ranging from the costs to the size of the house are clearly stated and acknowledged. This will avoid you many bad surprises in the end.

All in all, finding and hiring the right new home builder doesn’t have to be a lengthy and difficult process. By giving due attention to all the details you should have the home you dreamed of sooner than you ever thought was possible.


Donald Keating is a contributing editor at RealEstatePropertyArticles.com. This article may be reproduced provided that its complete content, links and author byline are kept intact and unchanged. No additional links permitted. Hyperlinks and/or URLs must remain both human clickable and search engine spiderable.