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Home seekers as well as property investors are always on the lookout for cheap real estate . For home buyers, cheap properties offer a great opportunity to acquire their dream home at an unbelievably low price. And property investors can grab these opportunities by buying properties at reduced prices and then reselling them to make considerable profits. Fortunately, the recent foreclosure crisis in the United States has resulted in thousands of cheap properties for sale.
With careful research, dedication and patience, it is not hard to discover foreclosed properties that are available at prices almost 60 percent lower than their original listing price. That means it is now possible to pick up cheap realty for less than half of its real worth.
One must remember that cheap is a term that may vary according to factors like the location and demand. So, a housing property that is considered cheap in the suburbs may not be so in another major location. For instance, if one is planning to purchase a housing property in much sought-after locations like the Florida beach side, it is important to bear in mind that cheap property here can cost around USD 200,000. However, for the same amount, one can easily purchase a sprawling bungalow in the suburban areas of Arizona.
Buying Foreclosure Property
Cheap real estate is not easy to find or purchase without proper planning. The first step towards buying a cheap property must be to plan the entire purchase process well in advance. If one is looking out for a home for the family, the most important aspect to be considered is the location. After the location has been fixed, it is time to search for the right property that would suit the needs of the family. This would include assessing the convenience of bedrooms and other amenities, proximity to the workplace and other essential services nearby.
Plenty of foreclosed properties are presently being sold as cheap real estate at prices that are merely a fraction of their actual value. A search through the foreclosure listings in any particular area is sure to reveal lost of properties or cheap homes for sale which may suit ones needs in almost all aspects.
Processes Involved In Buying Cheap Properties
Nowadays, purchasing a foreclosed property is a relatively easy and hassle-free process. One must understand that the foreclosure process consists of three stages – pre-foreclosure, actual foreclosure and repossession. Pre-foreclosure stage is the period extending from the issuance of Notice of Default to the actual foreclosure. The Notice of Default attached is issued to the defaulted homeowner by the mortgage lender.
The actual foreclosure stage is when a public auction is conducted either out-of-court through a trustee sale or through court by the sheriff sale. The final stage is repossession by mortgage lenders and banks following the public foreclosure auction.
Each of these stages offers opportunities to acquire different types of cheap properties. During the pre-foreclosure stage, one can directly negotiate with the home owner and then take over the house. While the actual foreclosure auction is in process, one can try bidding for a suitable property. After repossession by banks, cheap realty can be purchased by approaching the concerned bank and choosing from the list of properties they have.
Negotiating with the homeowner is a good way to check out the property and get a good bargain. It features no competition as is present during the auctions. Buying from banks is a good way to ensure no problems of tax liens, second mortgage or other debts.
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