The Most Common Dilemma For People Who Want To Buy Foreclosed Homes

April 12, 2010 - PRLog -- They think about homes that have bad wiring and holes in the walls. Some of these predictions are true while others aren’t. The biggest dilemma for people who want to buy foreclosed homes is weighing the cost over the benefit.

Hector Milla Editor of the "Foreclosure Listings Free" website -- http://www.ForeclosureListingsFree.biz -- pointed out;


“…Some homes will be a bargain. Banks and cities will auction off or offer houses are rock bottom prices. There are stories of people whose mortgages are around four hundred dollars or less. The majority of these stories don’t offer the details that surround this situation. Sure, a consumer can buy a house at foreclosure and have their mortgage be around three hundred and fifty dollars to four hundred dollars. This is not unheard of. The problem is that nobody wants to tell you what part of town the property is in…”

Another thing that people like to leave out of the equation is the actual shape that the house is in. Like mentioned before, some of these houses can have holes in the walls, extreme water damage or appliances that are fire hazards. Banks will auction houses off that haven’t seen an inspector in years. For new homebuyers, purchasing a home at foreclosure might be the worst idea in the world. It all depends on the home.

Weighing the benefit over the cost of the home is essential for coming out ahead. If you know of a home that is being sold in foreclosure, don’t be afraid to ask the bank whether or not you can arrange a walk through. For the most part, a simple walk through will be able to tell you if the home is worth buying and fixing up. During this walk through, be sure to ask as many questions as possible. Since the previous owner was thrown out, the agent might not know too much about the home. Don’t hold this against them.

“…If you find a house that you think is a great bargain, get a city inspector to come and go through the home room by room with you. The house might look great on the outside but have a termite problem or a crack in the foundation. Do your research and ask as many questions as possible before buying a home in foreclosure…” added H. Milla.

Further information and resources to get free home foreclosure listings by visiting http://www.ForeclosureListingsFree.biz