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Finding Foreclosures For
Sale
There are many bargain
hunting for foreclosed homes at rock bottom
prices!
As you've probably heard, the real estate listings are brimming
with foreclosed homes for sale at eye-popping prices. You can
be sure the storm is here, so if you've saved your pennies for
a rainy day, it's time to cash in. Yet where can you find all
these great deals? Surely there are starved real estate agents
who are more than willing to take your money, but will they
take you to houses that have been trashed by angry former home
owners? Will they steer you toward homes that are still
over-inflated in price?
In some real estate markets, you can take a foreclosure tour to
search for homes that are for sale at incredible prices. In Las
Vegas, the "Vegas Foreclosure Express" will take you on a
four-hour tour of repossessed homes. The Las Vegas real estate
market is the leading state of foreclosed homes, with 80% of
the overall market up for grabs. This 24-seat bus attracts
people from Arizona, Utah, Colorado, California and even other
countries. For just $20, people can tour 10 or more properties
each weekend to get a feel for what's out there. If you don't
mind traveling with other buyers and you have your pre-approved
loan letter handy, this can be a great way to see a lot of
places in a short amount of time.
You can also find foreclosures being sold at auction. You'll
need a hawk's eye and quick decision making abilities, but you
can really walk away with a prize. Tuxedo-ed men will be
running up and down the aisles gesturing, blowing whistles and
ringing bells, and you'll be armed with your property binders,
brochures and bid cards. You'll raise your hand to ask
questions and set limits beforehand to avoid overpaying in the
bidding frenzy.
The wise buyers will have already visited
the bank to get a pre-approval letter, stating what they can
afford so the post-bid paperwork will be a breeze. Bring W-2s,
pay stubs, tax returns, credit reports and extra funding. Once
you've won your property, be sure to read the fine print. Stick
around even if you're outbid because there are sometimes deals
that unravel due to shaky financial situations or credit
scores. According to www.ushomeauction.com, there will be more
than 300 nationwide auctions featuring foreclosed homes this
year.
You can also search the Federal Housing Administration website
for an up-to-date MLS of foreclosed properties for sale
nationwide. They're currently offering a 7-day free trial,
allowing you to search their database for one week. Be aware
that once the week is up, they'll charge your credit card
$9.95/week unless you cancel. The benefit of going through the
FHA is that there is a large list, the properties' brokers are
generally trustworthy and once you find that great real estate,
you can apply for a loan with reasonable mortgage rates through
the FHA.
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