Do you want to learn how to buy a foreclosure in today’s market? Well in about an hour and a half I am closing on my second foreclosure in a very short time. In fact the first one that I bought I decided to rent it out. I am making so much profit on it that I am able to pay the mortgage and taxes for the second house with my profit. So basically I will be living in the second home for absolutely free.
Let me tell you a little bit about it. It is a 4 bedroom 2 bath home in a nice area with an acre of land. Did I mention that I will be living there for free? So how did I do that, how did I buy a home at such a great deal. There are a lot of good deals out there right now. There are also a lot of scams out there. So I will give you some hints on how to get a great deal on a home. The first thing you need to know is how much of a home you are truly qualified to own. Most realtors have a mortgage broker that will do a pre-qualification on you and let you know some estimates as far as numbers go.
Once you know how much of a home you want and can afford you need to make sure that you have a suitable down payment. Most banks will do what is called an “in-house” loan if you have 20% to put down. When you get this type of loan you don’t have to go through most of the hoops that you would have to go through if the bank was planning on selling your loan to another place. In house loans give you the ability to be creative with the financing and to create a good relationship with the local bank in your area. After you have gotten pre-approved and you have saved up a suitable amount of down payment then you need to establish a relationship with a realtor in your area that has been in the business long enough to see the trends.
Talk to them and ask them questions about the home that you are buying. The realtor works for you. They have what is called a fiduciary relationship to their clients. That means that by law they are supposed to look out for your interests over their own. Having a representative that holds out your best interest is a bug advantage when you are making a huge purchase like real estate. Don’t go out and try to do this on your own.
Here is the blog of a real estate expert where you can get great info on foreclosures Check out Gena’s blog and learn seven helpful hints right now that you can put into practice to get a great deal!
Comments(3)