It's a new day throughout the country and it's definitely a new day in the real estate market. Thousands have lost their homes to foreclosure and that has created the new American housing market. Instead of new homes being built, homebuyers now have an abundance of homes already built to make their selection. Recent reports show an increase in December home sales, as home prices continue to decline. In this new market, homebuyers can find homes with prices much lower than they were a year ago. But how do you navigate this new market? We've teamed up with RealtyTrac.com to provide some tools and a few tips to help you navigate your own course.
Five Steps to Buying a Foreclosed Property:
Find a Property: Use the search below to find out where foreclosures are happening most. Search the county and state to find the foreclosure trends. You can then, narrow your focus by searching the zip code to find out what property is currently available. Once you've located potential properties, look for the property details like property status, ownership, etc.
Get Financing: Once you find a home you like - search for financing. Experts say, first time home-owners are getting a leg up in this new real estate market because they don't have previous property they must first sell. But with the vast changes in the market, there's something for everyone.
Contact an Agent: Buying a home can be a daunting task, especially if you've never purchased a home. It's best to work with an agent to help you navigate the process.
Contact the Owner: Find out if the property is being handled by a lender, a trustee or the actual owner. If the property is in pre-foreclosure - contact the owner directly. If it's being auctioned - contact the trustee. And if it's bank-owned, contact the bank directly.
Make an Offer: To get an estimate of the potential bargain for any property, you need to find out the estimated market value of the property, how much is owed on the property and if the owner has any other loans or liens encumbering the property. An agent can assist you in researching to check the loan and lien history as well as checking comparable sales. Based on your research of the potential bargain, you can make an offer.
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