Articles
Newsletter
Home 
Finance Real Estate Pre-foreclosure Versus Foreclosures - Pros of the 'Pre
Finance Real Estate Pre-foreclosure Versus Foreclosures - Pros of the 'Pre
| Pre-foreclosure Versus Foreclosures - Pros of the 'Pre |
 |
 |
 |
| Written by Julia Wilson |
| Thursday, 14 August 2008 01:08 |
|
Most people in the US are aware of the current real estate crisis and the unsettling fact that many people are losing their homes to foreclosure. Before a home is in the process of becoming foreclosed, it is in the pre-foreclosure stage. The pre-foreclosure period can last anywhere from a few weeks to a few months, and is considered by many real estate investors as the absolute best time in which to negotiate the purchase of a home. Many houses that are 'for sale by owner' are houses that are in a period of pre-foreclosure. The lenders sometimes allow the homeowners to try to sell their home before foreclosing it. The banks are not in the real estate business themselves and would rather the owners sell the home instead of (the lenders) having to foreclose it. Here are several reasons that real estate experts feel it's a better to purchase a home during the pre-foreclosure period instead of waiting to buy a foreclosed home at a government auction: - Pre-foreclosed homes are often sold for less than foreclosed homes. To avoid credit problems a homeowner is motivated to sell their home before the bank takes possesion. - Since you won't be at an auction, you will be given more time to talk to the home owner about any questions you may have concerning the house. - There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won't have to worry about placing the highest bid. - More time to consider your finances before making the decision to purchase a home. - Many people can become more emotionally driven during bidding and pay more then they had intended to. - You have time to have a pre-foreclosed home inspected resulting is less risk. - All you'll need to buy a pre-foreclosed home is a down payment for as low as a few hundred dollars. At a government auction you would need more cash up front. Make sure you bring along an inspector when you check out a pre-foreclosed home. You should also check to make sure there are no past judgement liens or unpaid taxes on the property. The risks in buying a pre-foreclosed home are not that much more then buying a home the traditional way through a real estate company. About the Author: Read reviews on the best pre-foreclosure sites to understand what they have to offer at government auctions review or go direct to pre-foreclosures Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
Stumble It!
Members : 1254
Content : 2297
Web Links : 1
Content View Hits : 311140
Content : 2297
Web Links : 1
Content View Hits : 311140