Cheap Licking County Homes For Sale, Foreclosures, Bank Owned
If you're looking for a good deal, you're likely looking at bank owned or foreclosed homes. Of course you want a great deal, maybe even a steal, right? I have bad news for you, everyone else is looking for a steal too. I bet you've already lost out on a few, haven't you? You run across a new listing on a website, or you see a sign go up and call, only to find out the property is already gone! How is that possible? I'll tell you how, whoever got there first had inside help in the form of a Buyer's Agent.
A good Buyer's Agent can set up an automated system where you'll be notified immediately if a property is listed in your area of interest. If there's a certain house you're watching, your Buyer's Agent should be able to create a unique search for that address and there's no way you'll miss it when it comes up.
But don't put the cart before the horse. Before you start scheduling appointments to see these houses, you need to be pre-approved by a lender. Your agent should be able to give you some suggestions on lender options, I usually prefer to see buyers going through local lenders. Without a pre-approval, your offer will not be considered. If you plan to pay cash, your money will need to be in a bank and be verified in writing.
Most bank owned houses will not pass FHA financing, so you will have a better chance at placing a winning bid if you can present a pre-approval for Conventional financing. If Conventional is not an option for you, you can look into FHA-203K, which is a rehab loan. This is a good option, unless you're wanting to make the repairs yourself.
You should also have available cash. You'll need it for:
Down payment, at least 10% for Conventional
Closing costs, this depends on your lender, $3000-4000 and up.
Deposit, anywhere from $500 to 1% of the purchase price.
Inspections, depending on what inspections, anywhere from $100-$600
Insurance, some lenders may require you to pay this out of pocket prior to closing.
Once you put a contract on a house, don't go out and spend any significant amounts of money or take on any new debt obligations. Your credit and debt situation will be checked again prior to closing. Oh, and don't quit your job, they'll double check that too.
Looking for a steal in Licking County? Give me a call or visit our website where you can do your own Licking County Property Search