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For people wanting to buy their first home, this is as good a time as any. With an increasing number of foreclosures for sale prices of these properties seem to be attracting a fair amount of prospective buyers.
In the bill housing passed by President Bush last week, there is a provision for an interest free $7,500 tax benefit with a repayment time of fifteen years, for first time home owners. The amount could be lower, it being in relation with the price of the property in question.
For a person wanting to make that first purchase, houses in the foreclosure process present a variety of choices.
A short sale is where the property is in the process of foreclosure, with the home owner being delinquent on the mortgage. The home owner, in order to avoid foreclosure, would put the property up for sale. Lenders are known to encourage this because no bank would really like to foreclose on a property; it involves a lot of man power besides the money the lender has to put into the process. The lender would much rather settle on getting an amount that is less than what the loan value is, than to have a house on their hands.
Banks also have foreclosures for sale. These are properties that the bank has foreclosed upon, and they now wish to sell. While dealing with a bank, one must keep n mind, that the room for negotiation is always present. By no means accept the bank’s offer to be their final offer. When banks have houses with them, they have to spend a significant amount of money to maintain the property. Again, they’d rather sell the property for less than the market value, for a house on their hands means extra expenditure.
Another option is looking at Dallas Foreclosures up for auction. If one decides to go in for an auction, a good idea would be to be a spectator in an auction before you place your bid. Houses up for auction need to be closely inspected because they are sold on an ‘as is’ i.e., the current situation basis.
No matter what road you decide to take, do make sure that you’ve been through all possible listings you can get your hands on before you make that final call.
HUD Fair Housing Equal Opportunity