Im sure you hear the same commercials on the radio that we do, That terrible commercial where an excited young woman is describing to her friend how she got a 3 bedroom house for only $26,000!!! and how her monthly payment is only $250?! What a great deal! Then the commercial tells you to call some special number and sign up for an exclusive list(that you will have to pay for) that will let you know where to find a home just like the one mentioned, "For a fraction of the cost." In theory those commercials are true. There is a home that exists that is a foreclosure,that you can buy for $26k. That is where the truth ends in that commercial. in the DC Metropolitan area specifically, any home that you could find for $26k would most likely need another $50k of work to renovate it to even liveable condition. Another truth about most foreclosures, They are Not finance-able, you cannot obtain a mortgage to pay for them, because the condition they would be at that price of under $30k...would be decrepit at best, and banks do not finance homes in very bad conditions. There is an FHA 203k loan program (further explained here) intended specifically for fixing up foreclosed homes. This is a loan specifically for the fixing up work that needs to be done on the house, not the actual purchase price of the home.
The truth is, if you want to get the extreme deals available on the foreclosure homes you need to be able to purchase the home Cash, and you have to budget 10, 15 or 20 thousand dollars above your purchase price to fix up the foreclosed/REO home.
DO not pay for any service that supposedly gives you access to a list of foreclosed properties. Email us. we can and will give you the same list of properties, for free, and we can give you honest advice, representation, and tell you what you need to do to prepare for the purchase of a foreclosure/REO home.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment