The Many Options for First Time Purchasers of Foreclosed Real Estate
In the U.S., foreclosed real estate has spiked dramatically. More than 1 million homes were repossessed in 2008. Recent trends indicate the availability of real estate foreclosures will continue to at least the end of 2009 or 2010. Availability of homes repossessed varies according to different markets, around the United States. A majority of foreclosures took place in the states of Florida, California, and Arizona, however all areas of the country are affected to some degree. This news is obviously negative for the millions of buyers losing homes - however beneficial news for qualified buyers seeking investment property. Investors with sound credit and the financial ability, to purchase real estate, can easily purchase foreclosures as investment property. Investors purchasing previously foreclosed residential real estate, or commercial real estate, use a variety of methods to purchase such properties, using the assistance of a professional to assist with the process.
For financially savvy first time foreclosure investors, with a good knowledge of real estate trends, it is possible to privately purchased properties taken back by the lender. Using a broker or real agent is advantageous however purchasing a property without assistance is obviously more financially advantageous. Banks are ready to unload foreclosed properties at low prices. In a tight economy, banks need the revenue from the sold property. Depending on the loan on the property in foreclosure, investors can purchase the property according to the stipulations of the original buyer's lender. For example, government loans require prospective buyers to submit written information with a bid, and the highest bidder receives the foreclosed property. Private lending institutions obviously have in house rules, and prospective buyers, of the foreclosed property need to check the lenders policy on purchasing real estate in foreclosure.
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About the Author
+Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2014 (Wed Feb 18 2009) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource internet marketing web site at: http://www.majon.com