Are you on a small budget, but you want to purchase a home? There are some exceptional deals to be had with Hampton Roads foreclosures, but you really need an agent experienced in this type of purchase. Of course, you can also find pre-foreclosures and bank-owned properties for free through Zillow. But the process of buying a home in foreclosure isn’t too different from purchasing a traditional home.
In addition, some general real estate listing sites such as offer a pre-foreclosure specific search filter. Other sellers can either lower their asking prices to compete more effectively with the foreclosures, or wait out the wave of local foreclosures in the hopes of nabbing a sales price closer to their actual list price.
In fact, the entire process of buying a foreclosure gets confused, too. A foreclosure can occur when mortgage payments are not made over a period of time and efforts to resolve the default are unsuccessful. You want to ensure the home you purchase is right for you and that you have a seasoned real estate agent to help guide you through the process.
Most non-bank owned homes are selling at higher prices compared to foreclosed homes because of the poor condition that most foreclosure homes are in. There is a dip in prices for foreclosed homes when compared with non-foreclosure homes. Bank of America has loan products that can help with the purchase of an REO property.
More often than not, the property investor buying foreclosed properties gets to pay much less for the investment property than what it’s worth. Once it is offered through a regular real estate listing, the property can be closed within a more typical timeframe, commonly 30 or more days.