If you are looking to buy a home but are worried that you can't afford monthly payments, why not consider a foreclosure as your first home?
A foreclosed home is usually owned by a bank or lender and sold at prices way below its market value. Who knows, you may just hit the jackpot by purchasing a residence that would have been out of your price range.
We share the top reasons you should consider foreclosed properties as a first-time buyer.
A foreclosure happens when a borrower fails to pay their monthly payments. The lender then exercises his right to seize the property and resell it to recover or reduce its financial losses.
Foreclosed properties are usually put up for auction, which means that lenders sell the home below the market value.
The process of buying a foreclosed home isn't too different from the traditional way of buying a home. However, having an experienced real estate agent by your side is a good idea so that you'll understand what you are getting into.
Foreclosed homes are generally priced below market value for a quick sale, making it possible to purchase a property or in an area that might have otherwise been out of reach.
Purchasing a distressed property can be a lucrative investment if you plan to resell in the future.
Purchasing a foreclosed property gives you the ability to improve the property's condition and build equity fairly quickly as a result. Since the previous homeowner failed to make mortgage payments, it's safe to assume that they had no money for repairs and upkeep.
As a buyer, this allows you to make value-adding improvements.
In some ways, first-time buyers may find less competition with foreclosures. This is because most first-time home buyers prefer move-in-ready homes. Keep in mind that investors are also keen on foreclosed homes, so you'll still want to be ready with your pre-approval letter to put in that offer fast.
If you buy the foreclosed property from banks and mortgage lenders, you are assured that the transactions are clean. Banks provide transparency and accountability regarding the condition and legal documents of the property.
The U.S. Department of Housing and Urban Development is a good resource for foreclosures available for purchase.
Bank websites show lists of foreclosed properties for sale
Multiple listing services can be accessed by licensed real estate agents in your area.
Online real estate marketplaces like Zillow have listings of foreclosed properties though they may not have the most up-to-date information.
If you have decided on buying a foreclosed home, we can help you with the process. Give us a call or send us a message on our website to know more.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 2062595
3600 S State Road 7 Suite 228
Miramar, Florida 33023
Southeast Mortgages LLC strives to ensure that its services are accessible to people with disabilities. Southeast Mortgages LLC has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Southeast Mortgages LLC makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows SoutheastMortgages.us to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Southeast Mortgages LLC accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Southeast Mortgages LLC continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Southeast Mortgages LLC website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Southeast Mortgages LLC website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: Info@SoutheastMortgages.us