Save Money…Buy A Foreclosed House!

Save Money…Buy A Foreclosed House!

If you’re in the market and looking to buy, you should definitely consider purchasing a foreclosed house.  Houses being offered as ‘short sales’ should not be overlooked.  When a lender agrees to accept less then what a homeowner owes on his house, the property is put on the market as a ‘short sale’.  Buying distressed properties is tedious, but if you’re dedicated and willing, it will prove worth your while.

So what makes buying a foreclosed house so stressful?  Well, you’ll be dealing with multiple third parties instead of a single agent, and so the process is entirely time consuming.  This is particularly tedious because each of their third parties has a separate agenda and code to adhere to.  As you can imagine, there’s a lot of back and forth talk.

But if you’re thick skinned and can take the angst, you should seriously consider buying a distressed property.  And now for a few suggestions to help you out.  When you make an offer bid low, but not insultingly low, as the houses are already priced to sell (seriously!) Also, make sure you are pre approved to be financed before you even discuss a negotiation.  And lastly, make sure you generate a contract that give you leeway to terminate the sale if the house is not in the condition you presumed it to be.  Now take these tips to the bank, and get ready for a new house at a fraction of the price 



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