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President George W. Bush signed the housing bill on July 30, 2008. Amongst provisions for around 400,000 owners of homes in foreclosure to try and avoid foreclosures there is also clause that will come as a blessing for first time buyers of homes. The bill has provisions for first time home owners to get up-to $7500 as an interest free loan in the form of tax credit. This would need to be paid back starting two years later, and then over a period of fifteen years. For renters who are looking to but their first house and have previously not been able to qualify, this could offer a possibility.
Buying a house that is part of Seattle Foreclosures would be a very viable option.
With the number of foreclosure homes in the Seattle home market increasing; there has been a decline in prices in the housing sector. And traditionally, homes in foreclosure are cheaper than other houses in the same neighborhood.
Homes part of Seattle Foreclosures can be bought during either one of the three stages it goes through. Homes first could be bought at the pre-foreclosure stage, then at the auction, or finally, through the bank.
When homeowners default on their loans, they receive a foreclosure notice. From this point of time, if they are unable to work on keeping the home, they have some time to try and sell the house. This is done so that they can avoid foreclosure. If buying a house at this stage, one should keep in mind to check if any arrears in the form or second loans or unpaid taxes exist on the house.
A good option for first time buyers is to buy bank owned properties. When a house is foreclosed and is with the bank, there would be no chances of either unpaid taxes or second loans, since they are taken care of when the house is foreclosed.
With auctions, they are a better option for seasoned home buyers, unless a lot of hard work is put into the process.
HUD Fair Housing Equal Opportunity