|Mortgage & Refinancing Information|
Financing the Purchase of Foreclosed Homes
Homes that have been foreclosed can be one of the most economical ways to get into a nice home without having to pay exorbitant costs. It's also a great way to get in on the real estate investment game as a beginner. Foreclosure occurs when an owner is unable to meet the financial obligations due a lender on their home. In some cases, this may occur years into the mortgage; which means the amount owed on the home may only be a fraction of the original purchase price. Add in the fact that homes usually appreciate in value and you could be looking at purchasing a home for only a small percentage of the actual fair market value. In some cases you may be able to purchase homes at up to a 15%-20% discount.
When the owner is unable to make the payments on their home the bank will attempt work with them for a short period of time; however after that time is exhausted they must recover their financial losses. Foreclosure is a last resort effort to cure a loan default.
There are a number of different ways you can finance the purchase of a foreclosed home. If you are considering such a purchase talk with your Credit Union advisor to learn about the programs they offer.
There is a common myth that you must be able to pay cash in order to purchase a foreclosed home; however this is absolutely untrue. Although paying cash certainly gives you more negotiating room; it isn't necessary. At the current time the most popular way to purchase and finance foreclosed homes, whether it is for investment purposes or for personal use, is directly from a credit union or other financial institution. There are fewer complications and risk involved in this financing method than other methods and it is fairly easy to locate bank foreclosed homes.
If you are planning to purchase a foreclosed home for personal use; your goal should be to purchase a home below market value, make a low down payment and finance the remainder of the purchase with a low interest rate. It's important to keep in mind when purchasing foreclosed homes that just because they are in foreclosure does not mean that you can make a low ball offer and expect it to be accepted.
Individuals who are interested in purchasing foreclosed homes for investment purposes only may find that their local credit union provides financing as well as support and information. Others may choose to finance through personal investors, particularly if credit is an issue. You will generally be expected to pay a higher interest rate; however.
Both investors and persons interested in purchasing foreclosed properties will find that creditunionrate.com has information and links needed to navigate the process from beginning to end.
Nicole Soltau is the President and Founder of CreditUnionRate.com.
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