The Beginner's Ultimate Guide to Bank Foreclosures via @homebidz

The Beginner’s Ultimate Guide to Bank Foreclosures

It's been a dream to own a home. You'd love something that you can get below the market value and have some potential funds left over to invest. The most obvious way to go about this is to look into purchasing a bank foreclosure property. Sometimes these listings can have their setbacks. Know how to start this journey on the right foot.

Understanding the bank's involvement in the process

Banks are not real estate firms. They solely offer funding options. This is why you won't find bank-owned homes as easily as professionally listed ones. Many times, you won't even see a sign in the front yard advertising the sale. You can acquire lists of these properties from the banks themselves. Next time you need to stop off at the ATM, briefly step inside the bank and ask how you can get a list of the homes they have for sale so you can explore them.

Check neighborhood listings

One thing that can be helpful is to check out the market in the neighborhood. Find other homes that are for sale and see how things compare. If you can find one that is similar in size and number of rooms, that's even better. You can even ask some of the neighbors about the market and get some additional information.

Do your research

Keep in mind that foreclosed homes can often be diamonds in the rough, but don't have your hopes up about getting into your dream home for $19,000.00. Sometimes the homes are listed at unbelievably low prices, but more complications will generally arise with lower price tags. The previous resident may have gutted the house in the process of moving out, leaving a lot of work for the next owner. The drawbacks shouldn't keep you from considering a foreclosure option, but you have a better idea what to expect when buying your next new home.

Latest Posts

The Art of Changing Realtors When You Need to via @homebidz

The Art of Changing Realtors When You Need to

First Time Home Buyers Click Here Finding a realtor can be kind of like dating. There are a ton of them, each with their own set of pros and cons, different areas of expertise, etc. So, when you start forming a...
Loans, Fees, and the Real Cost of Owning Your Home via @homebidz

Loans, Fees, and the Real Cost of Owning Your Home

Need a Home Loan? We know this may come as a shock, but that home that’s for sale for $350,000 will actually end up costing about $575,000 over time. How? Between the interest rates, insurance, property tax, and...
Rent to Own vs. Traditional Mortgages via @homebidz

Rent to Own vs. Traditional Mortgages

Need an FHA Loan? It’s no secret that most people seek out rent-to-own home options over traditional mortgages because of credit issues: either their credit is fair or poor or simply just unestablished. Depending...
Why Does My Credit Matter? via @homebidz

Why Does My Credit Matter?

Click Here to Look at Bad Credit Home Loans Honestly, if you have less than perfect credit, you can still potentially buy under a rent to own option, but you still have to get financing at some point, so you'll need to...
Taking the First Step on Your Rent to Own Journey via @homebidz

Taking the First Step on Your Rent to Own Journey

Looking for Rent to Own? When considering a rent to own journey, there certainly are a couple different choices. Each requires the rental property itself, two authorized documents, and then -- sometimes -- an...
Simple Ways to Save for Your Down Payment via @homebidz

Simple Ways to Save for Your Down Payment

Need Family Support? There are a lot of different ways to purchase a home. You can get creative and try owner-financing, or even buying a home at an auction. For the majority of us though, we’re still using banks and...