Why buy a foreclosure home?
There are quite a few good reasons to purchase homes that are going through the foreclosure process. The number one reason of course is the money that you can save.
If you look around at homes for sale, you will find all types, sizes, styles and price tags to match. The price tag of a home is not only calculated on the type of home, the size of the home, and the style of the home, but also the location of the property. There are homes all over the United States that in some stage of the foreclosure process as you are reading this. A matter of fact around 8 million homes are foreclosed on annually. Foreclose is a bad thing for homeowners, but a great thing for those wishing to invest in real estate and make a very good income doing so.
When a home goes into foreclosure, it is normally sold for the amount that is left on the mortgage loan, no more. That means you can find a home in a great location, the style you desire and the size that is perfect for your family at a discounted rate. The price tag on a foreclosure home is not calculated by the location, style, size or anything else. It is only sold usually for the amount that is left on the loan, period.
This can mean that you can get a home worth $500,000 on the market for a much smaller amount according to what has been paid on the loan. If the homeowners have been paying on the loan for 15 years and it is a 30-year loan you are looking to pay at around half the value of the home.
If you wish to purchase the home for your own family then you are getting a heck of a deal with all the amenities that you desire at a great discount. If you are looking for investment real estate, then you can purchase the property for that same price, then turn around, and sell it for market value and put a huge profit in your pocket.
As you can plainly see, money is the main reason to purchase a foreclosure home. The money that you will save or the money that you will be receiving on your investment is the best part of purchasing a foreclosure home.