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For renters who have been looking to buy their first home, this is definitely a good time to do so. As a part of the housing bill passed to put a check on the existing mortgage crisis, 1st time home owners are to receive a loan of up-to $7,500 in proportion to the price of the property, as tax credits. They would need to make the 1st payment on this only two years later, and after that, they will have 15 years to repay the interest free loan. This would mean, having to pay $500 every year, for 15 years. With this provision, people who previously could not qualify for a mortgage now could, foreclosure houses being the best bet.
Foreclosure listings can be found on the internet. There exist web portals which specialize in providing area specific foreclosure listings. Local newspapers also carry lists of houses part of Chicago Foreclosures. Besides getting touch with real estate agents, banks could also be approached for listings.
There are three stages during which a property in foreclosure can be bought, the short-sale or pre-foreclosure sale, the auction sale and the REO sale.
With short-sales, one would have to deal with the home owners directly. Home owners would end up selling during foreclosure to pay off their existing mortgage, failing which; they would lose the house anyways. There have been instances where short-sales have reportedly been made for as little as 50% of the current market value. If opting to buy a property under foreclosure, pending arrears besides the primary mortgage should be looked into.
REO properties are those, whose titles are now with the lender on the property. Once a property has been foreclosed, banks have to spend a considerable amount to take care of the house. Banks are known to not want a property with them for any longer than possible for precisely this reason. Also, once a property is foreclosed upon, the buyer doesn’t have to worry about any kind of arrears.
Auctions are a good place to get very good deals, however, an inexperienced buyer is best not to get into auctions unless willing to put in a lot of preparation.
HUD Fair Housing Equal Opportunity