You may not like to think about profiting from someone else’s loss, but you can find many homes that have been foreclosed on at bargain basement prices. Looking to buy from proven sellers also more or less ensures that you have a number of options to look into, and the right real estate professionals will also help you find the foreclosed property that best fits your budget, and has the least or no problems for you to contend with.
If they have been paying rent on time (admittedly, it might be hard to get the facts unless you can talk to the prior owner), and have been taking reasonable care of the property, you might decide to keep them and negotiate your own, new rental agreement or lease (after giving the tenants 90 days’ notice).
According to the latest report from RealtyTrac, a company that monitors the trends of foreclosures …
As the economy continues its downward spiral, real estate is taking a huge shift from being a seller’s market to a buyer’s market. The second thing they do very well is market real estate; this is done through their proprietary data service – the Multiple Listing Service better known as the MLS. We chose a Featured Listing and our ad certainly delivered for us and at such a low cost, I highly recommend it to private sellers as the best way to market their home online.