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The housing bill passed by President Bush last week has taken into consideration that in order for the housing sector to see a revival, it is not just foreclosures that need to go down but home sales that need to go up too. Keeping this in mind, a tax benefit of up to $7,500 will be offered to first time home owners. This will be interest free with a fifteen year time period for repayment.
It is not just first time home owners who are looking to buy foreclosed properties. Investors in the housing sector are also considering this to be a good time to buy foreclosed properties.
Lists of properties selling due to foreclosure can be found on-line on the internet. Newspapers too have listings of homes in different stages of Miami foreclosures. Getting in touch with banks or real estate agents is another option.
To buy homes those are in the foreclosure process but have not been foreclosed one needs to get in touch with the home owner. Buying in a short sale, one has to keep in mind that there could be pending taxes on the property in addition to liens being taken out. Short sales have been known to throw real bargains, with houses selling for 20 – 50 % lesser than what they’re valued at.
With buying a house that has been foreclosed upon, one need not worry about existing liens or unpaid taxes, as the bank would have taken care of those. When the property lies with the bank, the bank incurs expenses in maintaining the property. This is a primary reason why banks like to sell properties as soon as they can. Again, these properties would sell for less than their market value. You could end up buying a foreclosed property that looks exactly like the one across the street for a fraction of the price.
Auctions are another option to get a good deal. Over two hundred properties will face the hammer on the 16th of August in the Miami and Fort Lauderdale areas. The title insurance on these properties will be paid by the sellers.
Do make sure though, that a decision to buy a house is not reached in haste. Explore all possible avenues before you decide which avenue you want to line on.
HUD Fair Housing Equal Opportunity