Michael Mergell, Managing Broker RE/MAX Ability Plus-Fishers
Everyone is aware of the current real estate crisis and increased foreclosures going on in the States. But what many people may not be aware of, is that there are some great values available if you are looking to purchase a house or property. Whats different now then in the past, is that not only are the number of forecloses at all time highs, but the quality is much higher as well.debt is one of the most important things you should do your homework on. After that, find out what types of payment plans are allowed, and have any required financing in place beforehand. Obviously any additional savings you may have will help.
If you are considering buying a foreclosed home from a government auction then you you picked a good time to do so. Here is a list of the advantages and disadvantages of buying a foreclosure versus buying a house using a realtor.
Some of the pros of purchasing a foreclosed/pre-foreclosed home are:
- Price is the number one reason to purchase a foreclosed home.
- Many of the homes are in great condition relative to what they cost.
- The selection range of home available to choose from is extensive.
- No realtors or agencies fees to pay (consulting with a real estate savvy person is recommended).
- Insurance is optional which if not required will provide an additional monthly savings.
- Good property investment for renting or reselling.
- Not as risky as stock investing, plus you will own something of physical worth.
Disadvantages:
- Mortgages may be harder to get (unless you have great credit with your bank).
- Need to be mindful of existing liens or taxes that have not been paid on the property.
Making sure that the foreclosed home you're interested in is clear of all
Government auctions are held every week throughout North America. You can locate detailed information regarding auctions on the web. Some sites will even show you previews of the houses that will be available at the upcoming auctions. Buying an estate through a government auction is very fulfilling, but as I already mentioned do your homework. You may want to watch the bidding during your first visit to a government auction so that you are comfortable with this process.
MICHAEL MERGELL (317) 645-8717 MICHAELMERGELL@REMAX.NET
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