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On the 30th of July, 2008, President Bush signed the housing bill. One of the provisions of the bill is to provide people looking to buy their first home a loan of up to $7,000 in the form of tax-credits.
With an increasing number of homes in foreclosure up for sale, and more often than not for selling at a discount, they do present an interesting option for prospective home buyers.
Free foreclosure listings are widely available on the internet. While some web sites offer free foreclosure listings others charge a subscription fee. Listings of foreclosure homes on the internet include homes across the country. Searches can be performed based on states, counties, school districts, zip codes, etc.
Local news papers and newsletters also carry lists of foreclosure properties up for sale. For a fee, one could also approach county courthouses for lists of homes that have been served foreclosure notices. Alternatively, lending institutions which deal in home mortgages can also be approached, as they could have with them homes they have foreclosed upon. Local real estate agents generally have up to date neighborhood specific information.
A home in the repossession could sell at different phases of the process.
When delinquency is reported on the part of the home owner in terms of making mortgage payments, the bank gives the lender a certain period of time to get current with the payments before foreclosure proceedings begin. The home owner then has time till the home is foreclosed upon, to try and sell the home to pay back the lender.
If the home owner is unable to sell the house, and the house is foreclosed upon, it is then sold at an auction. Homes at auctions are sold on an ‘as is’ basis and should definitely be inspected before the scheduled auction. If a home is unable to attract a buyer at the auction, the deed is then transferred to the lender.
While dealing with a bank, a buyer must keep in mind that no bank likes to hold on to a home, because it involves money to be spent in maintaining the home, and that they are known to offer substantial discounts on foreclosed homes.
A thorough search of foreclosure listings is called for irrespective of the process chosen to buy a home.
HUD Fair Housing Equal Opportunity