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Cheap homes for sale are rising in numbers these days, thanks to the rising number of foreclosures because of defaults arising from the current economic crisis. More and more number of lenders has to undertake the foreclosure process, which involves either selling the defaulted property, or buying it back (repossession) to recover the outstanding amount.
The foreclosure process begins when the owner defaults on his loan repayment and the lender files a default notice against the borrower. However, the borrower has the right to reinstate the loan by paying the outstanding sum during a grace period, which is typically called the pre foreclosure period.
Buying property during the pre foreclosure period involves approaching the borrower/property owner directly, who may opt to sell the property in order to repay the loan and spare his credit history a blot of default. There’s the additional benefit that the buyer has sufficient time to research the title and one can realize discounts ranging from 20-40 percent to the market value.
In addition, houses repossessed by the Veteran Affairs Department (VA) are also offered cheaply because of the fact that these properties are highly leveraged and the department has a torrid time offloading these unless they are done at a discount.
Cheap homes for sale foreclosed by the VA are listed with local agents and can be tracked through the Multi Listing Systems (MLS).
To make an offer for a VA foreclosed home one needs to hire the services of a real estate agent to help you prepare a purchase contract and finish all the required VA documentation. The offer must be made through a VA approved agent and made on proper government forms.
The benefits of buying a VA home are many. It requires no down payment. It is possible even for people with ordinary credit histories to buy a home under the VA program. The other benefits include no requirement to pay for mortgage insurance premiums and there are no prepayment penalties.
HUD Fair Housing Equal Opportunity