How Low Can Sales Foreclosures Go? How To Know You Are Making A Good Offer
In the real estate world, sales foreclosures remain somewhat of a mystery. They seem unpredictable and the listing prices aren't always true to what the transaction is actually going to cost. Can you really get super deals? Yes. How super? Let's take a look at amazingly low cost foreclosed home transactions.
Start at the bottom
If your budget
is low and your patience is high, you may be able to get into a home for somewhere in the $20,000 range. It's true. In the United States, there's no bottom limit for sales foreclosure
prices. In some cases this may require a relocation, but its worth the inquiry in your area. Most people think it is impossible to ask for a price this low, but neglecting to ask can cause many to miss out on an affordable opportunity.
It's not always about profit
It's like this: Someone took out a mortgage
to get into a home. They lived in the home for X amount of time paying off the debt until, for one reason or another, they were no longer able or willing to make the payments anymore. The bank seized the home, which still had the same market value whether the payments were made or not. Part of the cost had already been paid, and the bank or other lender
is now looking to make sure their loan is taken care of, and that's all. It happens so often that the lenders rarely bother with trying to turn more of a profit than they would have had the original family stayed in the home and continued to pay the balance and interest until the contract ended.
If you can dream it....If you set the right intentions and never settle, you could find the home of your dreams within your own budget. Also read Find Cheap Houses for Sale in the US, The Beginner's Guide to Bank Foreclosures, and Buying a Foreclosure at Auction. Tell us about your successful foreclosure purchase experience!