Cheap Houses: Buying Foreclosure Homes For Up to 60% Off Its Market Value

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Cheap Houses

• How to buy a foreclosure home for up to 60 off
  its market value

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Cheap Houses

• Foreclosed homes are excellent options for
  homebuyers interested in buying cheap houses.
• Foreclosure buyers stand to save as much as 60
  percent off property market values.
• Thousands of auction homes, foreclosure short
  sales and REO properties are for sale. More homes
  are listed every day.

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Cheap Houses

• While distressed properties, fixer upper homes
  and handyman specials make up a handful of
  foreclosed properties for sale, remember not to
  assume all foreclosures are in disrepair.
• There are many quality cheap houses for sale
  through foreclosures.
• The purpose of this presentation is to explain
  how foreclosures save money for homebuyers.

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Foreclosure Auctions

• Foreclosure auctions are very common.
• Auctions allow homebuyers and investors to make
  offers on foreclosure properties for whatever
  prices theyre willing to pay for the homes.
• Remember, to get the most savings out of an
  auction home, research the prices for which
  similar foreclosures in the area sold and use
  these prices to determine a maximum bid.

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Foreclosure Auctions

• Foreclosure auctions, which are sometimes
  referred to as sheriff sales when conducted by
  local sheriffs, can save homebuyers money if
  theyre willing to research the homes and the
  localities.
• The homeowner may have as much as five business
  days prior to the sale to reinstate the home
  loan, so call the seller named in the listing to
  see if the house is still for sale.

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Foreclosure Short Sales

• Foreclosure short sales occur on homes that have
  not officially gone into foreclosure.
• Homeowners who are unable to repay their debts on
  defaulted loans may opt to make agreements with
  their lenders to sell their homes for less than
  theyre worth to pay off the loans. This allows
  homebuyers to buy cheap houses and help
  homeowners pay back their lenders.

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Foreclosure Short Sales

• Short sale foreclosed homes also benefit
  homebuyers by allowing them plenty of time to
  have potential homes inspected.
• Because the home is being sold to pay off the
  amount remaining on the homeowners defaulted
  loan, the home is likely to be listed
  considerably below market value.
• Remember that any offers made on short sales may
  have to be approved by their lenders.

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REO homes

• REO homes are houses that failed to sell at
  auction either because they didnt meet a
  suitable minimum bid or they were purchased by
  their lenders.
• Some lenders, such as major banks and government
  agencies, will sell these homes on their own.
• Because these homes failed to sell at auction,
  homebuyers can expect to find homes discounted
  even further here.

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REO homes

• Many homebuyers and investors prefer buying REO
  homes directly from their lenders as opposed to
  homeowners and auctioneers.
• Though not all lenders have dedicated REO
  departments, major lending banks and government
  agencies will often sell their own homes.
• Other lenders may have their homes sold by third
  party real estate agents.

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Lets Review

• Foreclosures are excellent options for buying
  cheap houses. There are many quality foreclosed
  homes to be found among foreclosure listings, as
  well as distressed properties and fixer upper
  homes.
• Auction foreclosures save homebuyers money by
  allowing them to set their maximum bids, but
  homebuyers should contact sellers in advance to
  make sure the listings are current.

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Lets Review

• Foreclosure short sales allow homeowners to pay
  off their defaulted loans to their lenders by
  selling their homes to homebuyers for little more
  than the amount remaining on their home loans.
• REO properties are usually homes that failed to
  sell at auction. Because lenders want to sell
  these properties quickly, it may be cheaper to
  purchase these properties from them directly.

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