Bank foreclosed homes are houses that are in default because the owner has been unable to pay the monthly mortgage payment. The bank has exercised their option to foreclose on the property to regain control, and can sell it at auction to recover the debt. The property is normally sold for the outstanding loan amount, which can be lower then the market value of the home . This makes bank foreclosed homes a good bargain for the real estate investor. There are a variety of websites that offer listings of bank foreclosed homes, some for a small fee and others at no charge . A real estate investor can search the listings to find a potential house in any area , and be very specific in searching for number of bedrooms, price, even by zip code. The real estate investor is able to view the bank foreclosed homes prior to the auction, and this can help determine the condition and value of the home and help the real estate investor decide if acertain house is a possible option. Many bank foreclosed homes require only some minor cosmetic work to look fresh and attractive for resale. Inspecting the property can give the real estate investor a clear idea of how much work and money will be needed to prepare the property for sale, and if it will still have potential for profit after expenses. Consider the neighborhood and comparable prices of the adjacent homes , and find out if the home is situated in an area with decent schools and necessary amenities like convenient shopping and mass transportation. All of these things should be considered in the evaluation the real estate investor makes before bidding on the home . With countless numbers of bank foreclosed homes available now, the real estate investor should look at a number of properties and carefully decide which one fits his strategy and offers the best opportunity for an excellent profit.
Source: http://www.antiochrealestategroup.com/91/bank-foreclosed-homes-incentive-to-invest/
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