Foreclosures Help Renters become Buyers
When I meet first time home-buyer clients for the first time, I always congratulate them for coming over from the dark side (renting) into the light (buying). No more paying someone else’s mortgage. Not to mention the tax benefits of home ownership – it truly is a wonderful thing, even if I am biased.
Recently, I met a young couple who were looking for their first home. They currently pay $1800/mo in rent and were looking to pay no more than that, in total, for a house. Sound reasonable? Let’s put this in perspective -- I live and work in the Washington, DC region – and it’s not cheap. Houses in desirable neighborhoods can cost upwards of $800,000. These buyers were looking to spend closer to $250,000. So we decided to focus on foreclosures in some up and coming areas and found something they liked right away.
Buying a foreclosure is a great way for first time home buyers to be able to buy into a neighborhood that they could not otherwise afford. These properties are nearly always priced lower than the market and some are in pretty good condition. If buyers are willing to put in some sweat equity, the rewards can be even sweeter.
Contact me anytime for DC property foreclosures especially if you are a first time home buyer! I love helping those just starting out in the DC real estate world. With helpful explanations and attention I can make home buying easy and hassle free.
Blog originated at Djana Morris's Blog
February 15, 2011
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