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Nothing comes free in life and that’s the only truth that has always been a part of our lives. No meal is a free meal and we have to pay a cost. However, if you are talking about the foreclosed properties, they can be termed as Free Foreclosed Homes, because the cost is noting as compared to the advantages involved.
These foreclosed properties are usually termed so because of the prices they are sold at. The properties do not come with a tag around or a percentage discount mentioned in front of them but do go 30-40% less than the normal market price of the properties in that area. These properties will help you make more and more profits and help you get what you want. Some people take it as a business while others buy these properties to fulfill their dream of having a big house. These houses come at a low cost as the mortgage banks or the government does not want to make profits out of them. The financial institution involved just want their loss to be recovered as much as possible. These properties are like blocked resources for them, which is unable to provide them with the liquid money that they want in order to be able to roll the money in the market. However, looking at the present market situation it can easily be said that they are being sold as Free Foreclosed Homes, just to get what they can, rather than writing the entire property as bad debt in their books. For example, if a property was bought by the home owner for $100,000 two years back and cost’s $95,000 as per the current market situation, the bank will be willing to sell it as low as $50,000, if he gets a bid. The banks and other financial institutes which foreclose the properties have nothing to do with it, they are not looking for equity but are looking profits in terms of cash, so if they don’t get a bid that they place as a minimum bid and think that no one is willing to pay them, they can even lower the cost more in order to sell it.
HUD Fair Housing Equal Opportunity